This DeFi Platform To Launch Portal To Optimize Insurance Purchases
Uno Re's Cover Portal is optimizing the insurance purchasing experience for users by simplifying all steps as much as possible
Uno Re, a decentralized insurance platform, will launch its Cover Portal on April 23, 2022. Accessible through Uno Re's dApp, the Cover Portal addresses an underemphasized need in DeFi space: easy access to insurance. For the first time, DeFi users can insure their crypto-assets in a few simple steps thanks to Cover Portal's clear and simple UI.
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 per cent from Q1 2021's losses. With both the quantity and severity of attacks on the rise, skepticism surrounding the DeFi space is also growing.
One of the leading players in DeFi insurance, Uno Re, launched its Cover Portal which aims to grant users easy access to insurance coverage through its user-friendly UI.
What is Uno Re's Cover Portal?
Cover Portal is Uno Re's latest dApp - scanning 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.
Cover Portal is optimizing 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 simply 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.
What is Uno Re?
Uno Re is the protocol behind Cover Portal. 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 per cent of affected wallet addresses are covered and appropriately compensated.