Tallinn, Estonia, Oct 13, 2021 - (ACN Newswire) - PolkaCover, an insurance aggregator that is currently building itself on the Ethereum ecosystem, has officially announced that it will rebrand to Cover Compared. While the existing partnership ecosystem and token utilities would remain largely the same, CoverCompared welcomes a new era of innovation within the insurance sector.
In their latest Medium article, CoverCompared deconstructed the reasons behind the rebranding. Initially developed with a view of operating on the PolkaDot blockchain, delays in development of the chain as well as a lack of a definitive launch timeline led to the brand expanding the business to offering insurance protocols on the ethereum blockchain instead. Moreover, the aggregator has plans to be more than merely a single chain insurance aggregator and venture into operations for multiple blockchains in a quest to become one of the largest multichain insurance marketplaces in the world.
In a world where cryptocurrency users have doubled from 100 million to nearly 200 million in just Q1 2021 alone, there has also been a spike in various hacks and frauds (for instance, 32 incidents of hacks and fraud for a total value of $2.99 billion have taken place so far in 2021. That is on course to break the 38 cases tallied in 2020, with that figure representing a 40.7% climb from 2019, according to CryptoHead. CoverCompared aims to offer a global gateway for users to gain access to crypto & traditional insurance products to better secure them against such malpractices and more.
Polkacover represented a single-chain network that provided insurance products that could be purchased with either crypto or fiat currency. However, the revamped CoverCompared is a more inclusive, multi-chain insurance aggregator that offers not just crypto-specific covers, but is also the first ever global insurance marketplace that builds a bridge between the traditional and crypto world. On CoverCompared, users can purchase insurance policies for not just Smart Contract Covers, CEX Covers, Wallet Hacks, etc. but also Life, Health, Travel, and Electronics using crypto currencies.
Check out their social media for regular updates on the exciting few weeks ahead of their soon-to-launch dApp!
CoverCompared is the first DeFi insurance marketplace for the global crypto ecosystem. CoverCompared aims 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.
The platform will connect users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. CoverCompared will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives
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