Polkacover, the first decentralized insurance marketplace for the Defi & Crypto ecosystem, has strategically partnered with Band Protocol to connect and utilize real-time data from leading multinational insurance providers. Custom oracles created on Band Protocol offer a decentralized solution for quoting and policy issuing through direct connections with traditional insurance providers.
In turn, working with Polkacover will significantly drive Band Protocol integrations with insurance enterprises and firms to secure the best DeFi and crypto insurance available.
“Polkacover is thrilled to work with Band Protocol, our oracle of choice with significant competitive advantages for insurance and DeFi DApps including scalability, low-cost, customizability, and a key focus on decentralization on an oracle network of 72 validators. Together, both teams will bring widely accessible and affordable insurance coverage for all of DeFi and crypto.”
Kunal Sadani, CEO & Founder of Polkacover
Over $154M in funds were lost in 2020 due to smart contract failure or exploits with Polkacover research indicating that less than 1% of DeFi, Crypto and NFT assets being adequately insured. With smart contract insurance products not widely accessible or understood to the average user, Polkacover is creating a global insurance marketplace with extensive coverage, low-costs and transparency.
“With DeFi eclipsing $40 Billion in total value locked, the demand for secure and reliable on-chain insurance has never been more paramount. Working with Polkacover to leverage Band Protocol oracles to connect to traditional insurance providers is a critical leap forward to satisfy this demand and protect the wider crypto community from breaches, failures and exploitations which are all too common in the blockchain innovation process.”
Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
Polkacover is a global DeFi-Insurance marketplace providing several insurance products geared to safeguard crypto, DeFi and NFT asset users in over 120 countries. By creating a marketplace for insurance, users can search, compare and buy multiple insurance products backed by traditional insurers through Polkacover — a community-governed insurance platform.
To deliver the lowest transaction/administrative costs of insurance policies, unrestricted access to enterprise insurance providers, and a seamless user experience, Polkacover and opted to integrate Band Protocol to secure the data layer.
Leveraging the blockchain-compatibility of Band Protocol, the Polkacover integration of Band oracle will begin on Polkadot and expand to all leading blockchain platforms to enable wide accessibility and interoperability.
Band Protocol is excited to support Polkacover, bringing extensive coverage and transparency into insurance for the DeFi and crypto industry while also expanding the number of enterprises leveraging the BandChain decentralized oracle network.