Lime Cover

Gm, Product Hunters 👋 Flora from Lime cover here to introduce you to the product and explain how it works. 🔥The Problem In the short history of cryptocurrency we’ve learnt that nothing is certain, major protocols can be hacked and even the most seemingly stable coins can lose their value. With interest rates at historic lows, investors are moving a higher percentage of their savings into crypto. So, the need for better security is greater than ever. A few crypto-cover mutuals have emerged to meet this demand. And the demand is clear, with mutuals like Nexus having active cover amounts in the $billions. But these mutuals require their investors to stake (vote) on whether to approve claims. This system is far from ideal. Investors have to spend time assessing and staking on claims, the claims process is slow (typically around 1-2 weeks with Nexus) and payouts are not guaranteed for valid claims. 💡The solution That’s where Lime comes in. We use smart contracts and parametric information to automatically assess claims, all within 30 seconds. Fast payout speeds like these are essential for crypto-cover as exchange rates change rapidly. We’re different from many of our competitors because we’ll have KYC as part of our cover buying journey. Meaning that, we’ll be ready for when regulation catches up to the crypto-insurance space. 🤠How to get involved We’re still developing our product and have an eye on customer needs. Your feedback so far has shown us that policyholders want to see interest returns on their unclaimed premiums and dynamic pricing to reward low risk behaviour. 

We have a lot more to learn to create the perfect crypto-insurance product. If you’re someone who has considered crypto-cover we’d love to hear your thoughts - add them in the comments below or join the discord today. Let’s make something special.