Coinvesation Partners with PolkaCover on Crypto Insurance
We are delighted to announce Coinversation as PolkaCover’s next partner with their cryptocurrency products offered on CoverComapared. PolkaCover is constantly growing and expanding their platform to make sure that they offer their users the best insurance products and protocols that are available in the market.
Who is Coinversation?
Coinversation Protocol is a synthetic asset issuance protocol and decentralized contract trading exchange based on the Polkadot Contract Chain. It uses the token CTO issued by Coinversation Protocol and Polkadot (DOT) as collateral, and synthesizes any cryptocurrencies or stocks, bonds, gold and any other off chain assets through smart contracts and oracles.
As a part of this integration, Coinversation and community will get access to the PolkaCover marketplace. PolkaCover will essentially provide the Coinversation community with:
- Hack Covers: these are created to safeguard users’ crypto assets by offering them insurance coverage to help the users recover from the unexpected crisis concerning underlying agreements.
- Smart Contract Covers: these offer a safety net against the vulnerabilities by bearing a portion of the loss (a fixed claim according to the underlying agreement) incurred by the smart contract if exposed to any known vulnerabilities such as bugs or hacks.
In the long run, PolkaCover is looking forward to conducting airdrop activities with the Coinversation community, where users can get the opportunity to earn exciting rewards in $CVR which they can subsequently use to buy premium insurance products.
The future of CoverCompared…
At CoverCompared, PolkaCover not only build a bridge between the actual and virtual world, but also create a secure gateway for insurance protocols in the cryptocurrency realm. Their protocols are consistently updated to ensure they are up to date with market trends and that their users are well suited to adapt to any obstacles they may face.
As they continue to grow and establish more global partnerships, they are confident that their solutions optimize user experience and prioritize people’s needs above everything. They will continue to experience sustainable growth as a pioneer in the world of cryptocurrency insurance.
“We are thrilled to be partnering with Coinversation and providing their users with insurance protection against wallet hacks and smart contract vulnerabilities. This collaboration is another step closer to re-defining security within the crypto ecosystem.”
Kunal Sadani, CEO and Co-Founder of PolkaCover
“We are very excited for the cooperatation between Polkacover and Coinversation. We will get access to the PolkaCover marketplace with the covers of hack and smart contract.”
Lin Chen, CEO and Co-Founder of Coinversation
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 block chain technology and tokenized incentives.
Coinversation Protocol is a synthetic-asset issuance protocol and decentralized contract trading exchange based on the Polkadot parachain. It uses CTOs, issued by Coinversation Protocol, and DOTs as collateral, to synthesize any cryptocurrencies, stocks, bonds, gold or other off-chain assets through smart contracts and oracles. Users can forge a certain synthetic asset by collateralizing CTOs or DOTs, such as U.S. dollars, and automatically have a long position in the asset. Users can also convert minted assets into other assets through the trading platform, so as to realize the purpose of shorting the asset and longing other assets.