Over the years, the usage of cryptocurrencies has significantly increased as the general public found themselves affected by prevalent unfair practices within centralized bodies.
This mistrust and general circumspection of more traditional financial institutions led to the accelerated adoption of crypto for financial transparency and independence.
The cryptocurrency market is currently valued at a capital of 2 trillion dollars — in fact, just in Q1 2021, crypto users have doubled from 100 million to nearly 200 million.
Despite the enormous growth experienced, the market’s potential has largely been neglected by traditional insurers due to the lack of research, expertise, and insurance statistics within the crypto space. This gross neglect has transformed into a gaping hole within the crypto-insurance sector as users are left with barely any options for crypto insurance products.
It has also resulted in an unfair practice where users who want to secure their crypto assets are not given the same options or financial support as fiat currency holders supported by centralized bodies.
This is a problem that needs to be addressed, and a gap that Cover Compared aims to fill.
The crypto ecosystem is highly expeditious as more than 4,000 cryptocurrencies are being transacted every second. The average crypto user faces an unfair disadvantage; he is forced to research and scour the internet himself in order to find a product that fits their insurance needs, is within the budget, and offers coverage to the assets that they hold — it doesn’t have to be this complicated.
Aggregators could easily solve these problems.
Cover Compared powered by PolkaCover is your one-stop solution to all your crypto-insurance needs.
We understand the fast-paced nature of the crypto ecosystem and the growing concerns of safety. We believe that crypto users deserve insurance that works for them and is easy to understand. They deserve the same choices as traditional holders to protect their valuable assets without worrying about costs and limitations.
We believe in building an enhanced insurance experience by offering full transparency on every product required. Additionally, we offer users the tools to compare and evaluate the comprehensive products outlined on the platform. Our users will be assisted by our AI-based Claim Management System, ensuring that every claim submitted by the user is given utmost priority and immediate attention.
All users on the platform have the option to purchase traditional as well as crypto insurance products using a host of varied cryptocurrencies, and the dApp interface will allow extensive comparisons of the various features, pricing, as well as cover periods of each product hosted within a particular line of insurance, thus enabling users to select the insurance coverage most-suited to their specific needs.
To achieve the perfect conjunction of crypto and traditional spaces and ensure our users have access to the best that the industry has to offer, we have partnered with several world-renowned multinational insurance providers. We aim to bridge the gap by collaborating with these insurance companies and not only giving our users an opportunity to protect themselves using the policies and products most suitable to their needs, and in the long run, giving these insurers insight into creating novel, tailor-made products for the community.
In this way, we aim to create self-sustaining ouroboros of safety and protection for all those within the crypto ecosystem.
With the upcoming launch of our dApp, we will bring forth a new era of innovation to the crypto-insurance industry where the insurance experience is accessible to anyone and everyone!
PolkaCover 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.