PolkaCover x TribeOne Partnership

PolkaCover announced the strategic partnership with TribeOne, so PolkaCover will provide TribeOne with ingenious crypto insurance products offered within the DeFi Space.

TribeOne is a user-centric NFT, lending, borrowing, saving and credit risk platform. With the aim of providing an impeccable experience to the users through innovative products, TribeOne will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere.

The covers provided by PolkaCover are:

• Hack Covers– Hack Covers are provided for when a user’s wallet is compromised. TribeOne’s users will be insured against hacking of NFT’s or Crypto assets. Wallet Exchange Hack Cover will bear the loss according to the predefined cover amount if the central exchange (where users store their $HAKA) gets hacked.
• Gap Covers — Gap Covers provide TribeOne users ample time to rebalance crypto-assets within the safe limits, which in turn would prevent them from being foreclosed. This process is done by adding more liquidity or considering the buffer time taken for the value to return to normal.
• Credit Shield– Credit Shields are insurance covers that insure crypto assets’ value up to 80% of the market value.
• NFT Covers– PolkaCover will provide NFT covers to TribeOne’s users to prevent impermanent losses while safeguarding their creativity.
• Smart Contract Covers — As an Insurer, PolkaCover will also offer Smart Contract Covers for TribeOne users. PolkaCover will bear a part of the losses (a fixed claim according to the underlying agreement) incurred by smart contract bugs or hacks during the occurrence of any catastrophic loss.

Additionally, the partnership will benefit users of PolkaCover; the community will now have access to TribeOne’s variety of lending and borrowing services.

“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

“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

What is 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.

Their 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.

What is TribeOne?

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.

📰 INFO:

https://polkacover.medium.com/polkacover-partners-with-tribeone-8d285309bd2a