- VAIOT to deliver enhancing technology for CoverCompared DeFi insurance platform.
- Exploration of Intelligent Contracts to secure policies on CoverCompared platform.
- Exchange of knowledge to further progress the decentralized digital asset protection sector.
VAIOT is beyond excited to share that we have partnered with CoverCompared, the first DeFi (Decentralized Finance) insurance marketplace for the global crypto ecosystem. Together, we will be working towards the future of digital asset protection.
The rise of DeFi solutions has been accompanied by an increase in cyber risks in the form of hacks and other security breaches. According to a Business Insider article published last August 2021, cases of breaches and fraud are pushing towards an all-time high. So far, in 2021, 32 incidents of hacking and fraud totaling $2.99 billion have occurred. Thus, urging the need for innovative, digital, decentralized solutions to protect crypto investments.
The significance of DeFi insurance is enormous. Assets in the DeFi space inherently carry more risks against which people may wish to be protected. As a result, DeFi insurance offers a valuable hedge against the risks associated with digital investments. However, insurance offers can become centralized and expensive. The vision of CoverCompared is to give power back to the people by lowering insurance policies and coverage’s transactional and administrative costs.
Through this partnership, VAIOT will be delivering its Artificial Intelligence and blockchain-based technology to enhance the CoverCompared platform with an intuitive front-end, KYC, Artificial Intelligent amplifications, and the delivery of intelligent contracts. With VAIOT’s solutions, the platform will further improve its decentralization factor.
Moreover, we will be exploring further integration of VAIOT’s Intelligent Contracts to secure insurance policies on the CoverCompared platform. Finally, both teams will actively take part in the exchange of knowledge to help the overall progress of the decentralized digital asset protection sector.
The VAIOT team is very thrilled about the CoverCompared collaboration. At VAIOT, we strive to work together with industry leaders to enhance, improve and elevate the decentralized insurance crypto protection space. Together with CoverCompared, we will be able to bring Intelligent Contracts and AI solutions to an even broader audience, offering immense value to the DeFi community.
About CoverCompared
CoverCompared is the world’s first DeFi (Decentralized Finance) insurance marketplace for the cryptocurrency ecosystem. Their aim is to reduce the transactional and administrative costs of insurance policies and coverage while offering high-value, low-cost insurance products bought with a variety of cryptocurrencies.
The CoverCompared platform will connect users with multinational insurance providers for all global insurance products, including crypto-related protection, health, life, and travel policies. The platform will feature a frictionless insurance marketplace experience powered by next-generation blockchain technology and tokenized incentives.
For more information about CoverCompared, have a look at the website, blog, or social media.
About VAIOT
VAIOT offers a portfolio of blockchain-based AI Assistants for businesses and consumers to supply automated services and transactions. Faster, easier, and affordable. Delivering full-stack technology solutions in AI and Blockchain.
For more information about VAIOT, visit our website www.vaiot.ai, or have a look at the Twitter and Telegram Community.
The VAIOT Website, Platforms, Solutions, and Services, and in particular VAI Tokens, are not offered for use and purchase to natural and legal persons having their permanent residence or their seat of incorporation in any of the restricted areas as listed in VAIOT’s Whitepaper, in particular: USA, Germany, Puerto Rico, US Virgin Islands, Canada, China, Singapore, Afghanistan, Central African Republic, Cuba, Democratic Republic of the Congo, Eritrea, Iran, Iraq, Libya, North and South Korea, Somalia, South Sudan, Sudan, Yemen, Zambia (Restricted Areas).
