Polkacover, the ingenious platform that bridges the gap between traditional insurance companies and crypto-insurance products has just launched its Demo Decentralized Application, demonstrating how users can connect with several insurance providers offering global insurance products such as crypto-related protection, health, life, and more, with ease.
Polkacover is the first decentralized insurance marketplace for the DeFi and global crypto market. According to a research study, the global cryptocurrency market was estimated at $792.53 million in 2019 and is expected to reach $5,190.62 million by 2026. Statistically, it’s crystal clear that the crypto market is increasing at a breathtaking pace. However, with the rapid increase in crypto demands from players in various sectors, crypto users are exposed to threats from hackers and thieves. Thus, there’s the need for crypto insurance so as to make crypto transactions and digital assets as secure as possible.
Polkacover aims to bring enhanced security to the crypto ecosystem by providing global crypto insurance products to enable users to transact as well as store digital assets in a safe and secure environment. It provides superb offerings such as cross-border insurance purchases and payment options, real-time transactions, security and confidentiality, audit trail and full transaction history, resilience through the use of smart contracts and so on.
“Our vision is to align insurance purchase with the core principles of decentralized technology while offering a censorship-resistant platform and build an open-source technology governed by software and controlled by its users.”
Leading DeFi platforms such as Band Protocol, Orion Protocol, Hacken, Transak, Umbrella network, 971 insurance and more, serve as key partners of the ecosystem. Furthermore, the Polkacover world-class team is already in an existing relationship with two major multi-national insurance partners as they work towards building the world’s top crypto-friendly insurance purchase and policy issuance marketplace.
Additionally, CVR – the native cryptocurrency of the ecosystem can be used for payments, receiving and redeeming loyalty rewards and discounts among several other use cases. CVR features front-and-center in Polkacover’s unique selling proposition to users. Moreover, it can be used as an additional method of payment for policies, or as the sole payment method for special transactions. Consequently, this increases the distribution and liquidity of the token. Meanwhile, the CVR token use case includes cross-border policy issuance, staking, insurance policy purchase and discount, global claims payouts, governance incentives and more.
In addition, Polkacover has emerged to provide access to insurance protection for millions of crypto users who are excluded from better insurance solutions due to high costs, mistrust, poor access to banking locations and so on. Clearly, with its unique insurance products, a clear and realistic roadmap, and a seasoned team, Polkacover is set to become the leading insurance solutions provider in the crypto ecosystem.