Decentralised insurance platform Uno Re, will be launching Cover Portal, its latest app, later this week.
The company is launching Cover Portal aiming to grant users easy access to insurance coverage through its user-friendly UI. Cover Portal scans users' wallet, detecting insurable assets within as well as staked in staking and farming pools across chains, measuring possible risks using an AI-based algorithm, and allowing users to secure their on-chain assets instantly.
Changing the DeFi insurance industry
Cover Portal is aiming to optimise the insurance purchasing experience for users by simplifying all steps as much as possible. Upon connecting their wallets and detecting their insurable assets, users can choose the token(s) and how much to insure. Cover Portal allows users to pay their premiums in USDC.
“The launch of our Cover Portal marks the beginning of a new era in the DeFi insurance industry. We have been steadily building and improving our platform to make a hassle-free insurance service possible for DeFi users. Cover Portal is the final step towards fulfilling our true potential and makes our platform a complete ecosystem of multiple services and mechanisms, working like clockwork. We are delighted to have achieved this and look forward to improving the overall security of DeFi space.” stated Jaskanwar Singh, CEO, and Co-founder of Uno Re.
Growing space for hackers to exploit
DeFi refers to financial applications built on blockchain technology that enable digital transactions between multiple parties. The blockchain is essentially a public ledger for digital assets, including cryptocurrencies.
Uno Re is an insurance provider for DeFi users and partner of numerous DeFi platforms, Uno Re successfully provided compensation to Umbrella Network hack victims in March 2022. As the insurer, Uno Re has processed the claim in a few days and ensured that 91% of affected wallet addresses are covered and appropriately compensated.
As of March 2022, there are 10,363 different cryptocurrencies available for trade, according to Investing.com.This number represents a marked increase from September 2021’s total of only 5,840 total cryptocurrencies. Only around 3,000 cryptos existed in November 2019.
The danger of hacker attacks keeps growing within DeFi space and causing drastic losses for users and protocols alike. The total sum lost to hacks in the first quarter of 2022 is up 695% from Q1 2021’s losses. With both the quantity and severity of attacks on the rise, skepticism surrounding the DeFi space is also growing.