PolkaCover Partners Up With Band Protocol to Deliver Global Crypto and Insurance
Less than 1% of all DeFi, Crypto and NFT assets are adequately insured — yet hacks and exploits in blockchain applications are all too common. In 2020 alone, there were 17 major DeFi hacks resulting in over $154M in lost funds.
Available insurance products for DeFi and crypto are not widely accessible, have limited coverage and can be very expensive. There is a lack of transparency in data used from traditional insurers to settle claims and the all-too-common delayed or absent claim payouts.