TribeOne announces its strategic alliance with PolkaCover
TribeOne x PolkaCover
TribeOne is thrilled to announce its strategic alliance with PolkaCover — The first decentralized insurance marketplace in the DeFi & Crypto ecosystem.
Polkacover has emerged with the aim to provide access to insurance protection for millions of crypto users who were previously excluded from better insurance solutions due to high costs, mistrust, and no DeFi insurance option available. Clearly, with its unique insurance products, a clear and realistic roadmap, and a team with an extensive insurance background, Polkacover is set to become the leading insurance solutions provider in the crypto ecosystem.
TribeOne and PolkaCover will collaborate to build a secure decentralized economy where users may acquire loans using NFTs and crypto-assets as collateral while maintaining the highest level of security. Users will benefit from exclusive add-on products as a result of this partnership, which will protect them from a variety of threats.
PolkaCover will provide the following DeFi insurance covers:
- Hack Covers are designed to safeguard TribeOne user’s NFTs and crypto assets from being hacked. It is a type of insurance that is offered in the event that a user’s wallet is compromised.
- Gap Cover enables TribeOne users to have ample time to rebalance their crypto-asset within the safe limits to avoid it being foreclosed. This can be done by adding more liquidity or taking a buffer time for the token value to rebounce.
- Credit Shield is an Insurance cover to protect user’s crypto assets up to 80% of the market value.
Additionally, as an Insurer, PolkaCover will offer Smart Contract Cover to the users who have their smart contract insured by them based on the premiums they pay. During the occurrence of any catastrophic loss, PolkaCover bears a portion of the loss (a fixed claim according to the underlying agreement) suffered by the smart contract defect or hacking.
NFT Covers are used to protect their gaming NFTs, preventing impermanent losses and safeguarding creativity.
Wallet Exchange Hack Cover bears the loss according to the predefined cover amount when the central exchange (where the user stores his $HAKA) gets hacked. This protects the user from a huge loss.
“The TribeOne team is delighted to integrate with PolkaCover with the aim to build a decentralized ecosystem that is safe and secure for users. With this integration, users will now have access to the DeFi insurance for not only their crypto assets but also NFTs. We are very excited to take this forward and bring a change in the DeFi sphere.”
-Mehdi Suleman, Founder, and CEO of TribeOne
“The PolkaCover team is delighted to form this strategic alliance with TribeOne. Through this partnership, we will offer products that safeguard TribeOne’s ecosystem from the volatile nature of crypto. We are excited to see how TribeOne will revolutionize the world of NFTs with RAROC”
-Kunal Sadani, CEO and founder of PolkaCover
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. Our aim is to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world. 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 blockchain technology and tokenized incentives.
TribeOne is the world’s first AI-powered decentralized financial platform backed with RAROC (Risk-Adjusted Returns On Crypto) technology. TribeOne is extensively an NFT, lending, borrowing, saving, and credit risk platform that offers a seamless experience; to the users through its innovative consumer-centric products. The platform will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere as a whole. Providing the community with a platform to lend, borrow and invest in crypto assets and NFTs. Therefore, offering an unconventional experience for all.