Utilities & Use Cases of $CVR
The CoverCompared ecosystem is steadily growing and the range of our services has been expanding rapidly. Our users can now enjoy gasless transactions on their insurance purchases, get fruitful discounts on all policies, purchase both crypto and traditional insurance policies, all under one roof, in a few simple clicks. On top of CoverCompared’s existing strengths, the addition of $CVR provided additional benefits have enhanced our users’ experience on our platform.
Let’s take a closer look at some of the utilities & use cases of $CVR.
The CoverCompared Token, $CVR is used throughout the platform & holds various utilities such as buying insurance, getting discounts on insurance policies when purchasing on the CoverCompared dApp etc. Users can find $CVR listed on various exchanges such as UniSwap, Orion Protocol, and MEXC.
Buying Insurance & Getting Discounts
The most unique benefit of $CVR is that users can directly purchase crypto, health, travel, and electronic device insurance on our platform. We are partnering with leading insurance providers from various industries to offer our users a wide range of products. Also, users who buy insurance from our platform using $CVR can avail a 25% discount on all policies.
Claims Payout
$CVR is also used to redeem claim payouts. All claims are paid out using the token and users can convert to Fiat currency if they want to. But, holding onto the token has its benefits too.
Upon holding the CVR tokens in their wallets, users are rewarded with the below:
· Annual interest paid in token
· Additional discounts on the policy purchase
· Free insurance products depending on the staked value
Referrals & Product Reviews
Users who refer our services to their friends or who provide Insurance Policy reviews are paid a bonus amount as a thank you gift. The bonus is paid in $CVR and can be used to purchase insurance and staking, which brings us to the next utility of the token.
Staking
Staking is another use case of our native token. On-site staking services & loyalty bonuses are rewarded with reduced insurance costs. If users stake a high enough number of $CVR tokens, their interest might even pay off their insurance premium, thus getting them insured for free!
Cross Border Policy Issuance
Users have access to global insurance policy coverage. The CoverCompared token will be easily accessible for purchase through leading exchanges globally.
P2P Risk Assessment & Governance Rewards
Additional member tokens are allocated as an incentive for participating in risk assessment & governance.
$CVR is at the core of all use cases CoverCompared has built. We aim to provide our users with easy access to a wide range of insurance products at unmatched rates, and since $CVR is at the core of every service we offer, our users can reap the benefits of our insurance marketplace and staking pools, using our native token. The use case scenarios will increase as we expand further into both crypto-based and traditional insurance spaces.
About CoverCompared
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
