TL;DR Breakdown
- Polkastarter set to launch its own DeFi insurance product
- The insurance product is going to be partnering with international insurance companies
Polkastarter, a decentralized exchange that is built on the Polkadot network, has announced that it would be launching its own DeFi insurance product, and an initial DEX offering to its users.
The exchange, which started operations on the 15th of December 2020, was built to provide a platform where projects can raise capital on the Polkadot network. The DEX has been hailed by the crypto community as a rival to Ethereum and Uniswap automated market maker and has a dApp platform.
Polkastarter announced that it was going to launch the products by the 21st of January 2021. Although the exchange has made some vital partnerships here and there in the crypto industry, it is yet to dominate the market like it was envisaged.
Polkastarter prides itself as DeFi insurance marketplace
With the numbers of hacks, attacks and scams that bedevilled the DeFi space in 2020, the demand for insurance by users of the sector has increased exponentially in recent times.
Polkastarter, through its Polkacover insurance, prides itself as a pioneer DeFi insurance marketplace that is built for the crypto industry. According to its whitepaper, the firm is looking to provide insurance products currently not available in the crypto industry.
The crypto exchange firm is already looking to partner with international insurance firms on how insurance products like health, life and education can be crypto-related.
The firm highlighted that the current crypto-insurance options are either too complex to understand or too niche centered. Thus, customers have had poor experiences with these insurance products while the firms are unable to reach a wider customer base.
Polkacover’s platform would also be looking to cover losses incurred through companies’ negligence that might have resulted in bad experiences for their users. An example is the ledger data breach that happened recently where millions of users were compromised, which led to phishing attacks against such customers.
