PAID Network is excited to announce its partnership with Polkacover, the first decentralized insurance marketplace for the DeFi and Crypto ecosystem.
Polkacover provides several insurance products tailored to safeguard crypto, DeFi and NFT asset users. Users can search, compare and buy multiple insurance products backed by traditional insurers or through the community-governed P2P insurance platform.
The widespread adoption of new consumer technologies across multiple industries has generated a new set of demands and expectations for insurance solutions. Presently, crypto insurance options are too niche in their coverage — or too complex to understand. The Polkacover platform is uniquely positioned to bypass the traditionally long and expensive consumer acquisition journey.
The project aims to implement the first fully autonomous insurance protocol for risk management which will be able to connect traditional insurance to the world of crypto. With its easy to use interface, the Polkacover platform will be revolutionary in driving the mass adoption of insurance in the world of crypto.
By aligning insurance purchase with governance, Polkacover will utilize PAID Network’s DeFi powered SMART Agreements and Arbitration facilities to enhance business agreements on-chain for its internal and crypto-specific company agreements via;
- SMART Agreements to facilitate end-to-end automation of payments, efficient risk model estimation and semi-automated claims processing, thus substantially lowering operating costs
- Data immutability and transparency to reduce/eliminate insurance fraud
- Cross Border Payments to enable global purchasing of policies without losing money in the exchange process
The use of SMART Agreements in combination with trusted third-party data sources will allow for policy claims to be processed automatically, significantly cutting down on the handling time that is historically associated with traditional insurance models.
PAID Network is very happy to welcome Polkacover to the family in an alliance that will unite business agreement processes and create a more cohesive insurance industry throughout our extensive ecosystem.
Kyle Chasse, CEO of PAID says of the partnership:
“PAID’s mission is to create a business DApp that covers all of our business needs, which includes the ability to protect and insure each business transaction’s value conducted through our SMART Agreements. We couldn’t ask for a more strategic partner aligned with our mission of meeting today’s marketplace demands for decentralized and versatile insurance options!”
Polkacover is a global DeFi-Insurance marketplace that provides several insurance products geared in providing safeguards for crypto, DeFi and NFT asset users from over 120 countries. Individuals can use the upcoming marketplace to search, compare and buy multiple insurance products backed by traditional insurers or through our community governed P2P insurance platform.
Polkacover is being built on the Polkadot ecosystem, Polkacover aims to be the missing link that will connect the mass crypto market users with a unique marketplace to provide them insurance coverage on their crypto, DeFI and NFT assets.
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
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