Insured brings insurance to Orion Terminal

Written by Yanush Ali | Apr 2, 2021 6:49:25 PM

Insured Finance to bolster decentralized insurance cover for Orion Traders.

Orion Protocol announces Insured Finance as the latest partner in the Orion ecosystem, bolstering insurance cover for Orion Terminal users and safe-guarding them from any unlikely vulnerabilities. Insurance products will offer coverage for smart contract exploits, rug pull cover, stablecoin failure, and exchange hacks.

Underpinned by the Polkadot network, Insured Finance is a P2P insurance marketplace. Market participants can easily request or provide coverage on a wide variety of cryptocurrency assets. Claims are fully collateralized and payouts are instant. The liquidity for each insurance contract on Insured Finance is stored in a separate smart contract. This lowers the risk of Insured Finance funds being drained by a hacker and also enables instant payouts in the event that an insurance claim is triggered. The incumbent solutions generally offer standardized insurance options that fail to account for the large differences in risk profiles among cryptocurrency investors.

Orion Terminal is the decentralized gateway to the crypto market, and will allow users to trade directly across any major exchange directly from their wallet - pulling in liquidity from major centralized exchanges. The Insured Finance digital asset insurance solution will be integrated with the terminal, bringing additional layers of protection to Orion Terminal traders. Coverage can be secured against centralized exchange hacks, stablecoin failures, rug pulls, and smart contract exploits.

Meanwhile, the Insured Finance solution allows digital asset holders to secure coverage that is unique to their portfolio. This is particularly pertinent to Orion Protocol users as these traders typically have varying types of crypto assets spread across numerous exchanges. 

This follows a recent partnership with Polkacover, offering coverage for hacks of connected exchanges, legal fees, phishing attacks and more.