The DeFi reinsurance project aims to build a crypto platform that allows the community to invest in the process of risk trading and reinsurance.
Please Note: This is a Press Release
UnoRe – the first global risk-trading reinsurance platform powered by Polkadot, has raised over $2.1M seed round from crypto investments funds.
Crypto investors that participated in the funding round include the most prominent names in the crypto ecosystem like Moonrock Capital, NGC Ventures, Morningstar Ventures,and X21. Other Polkadot backers such as Moonwhale, Propeller, Fomocraft Ventures, Three M Capital, Blocksync Ventures, Tatum, Kyros Ventures, Psquare capitals, Blackedge Capital and more, joined in the round as well.
UnoRe is practically offering insurance to insurance providers. The project is disrupting the market by providing crypto based reinsurance products with a second layer of protection to insurance providers and traditional insurance companies. The Polkadot-based decentralized reinsurance project aims to set a new standard for insurance products on and off-chain as well as replace insurance coordinators with smart contracts. As regards the performance of the insurance portfolio, the funds in the buffer pool would be shared; 10% will be allocated to burning the UNO token, 10% will be allocated to paying staking rewards, and 80% will be split among various risk pools. UnoRe smart contract will oversee staking and investing of risks until the completion of the risk pools.
Jaskanwar Singh, CEO and co-founder of UnoRe, seems confident about the groundbreaking project saying:
“Technology is moving faster than ever, and it is my goal to use this growth to make the complicated simple, the future possible, and to change people’s lives through innovative products and services that really impact them in their day to day.”
The native token, $UNO, private sale allocation was recently completed with over 4500 allocation requests received till date and also more than $58 million in strategic stake allocation requests. The UNO token is designed to enhance user engagement and assure quality of service provided to build loyalty into the ecosystem.
Potential users of the insurance protocol will include all industry participants, from traders to investors and innovators. The protocol enables users to reinsure their products by moving a portion of their risk portfolio over to UnoRe. Thus, investors are allowed to invest in DAI with additional incentives for staking their rewarded tokens on the platform such as, discount on insurance purchase, access to VIP risk pools with annual percentage yield (APY) of up to 60%, and so on.
Users can trade risks on the platform with provision of information related to risks like loss ratios to access the trading value of risk. Innovators such as brokers and insurtechs, will be offered all the tools required to design innovative insurance products on the platform. UnoRe will work with Oracle to deliver real-time data from multiple exchanges at any time to reduce overall risk for both UnoRe and the consumer.
Clearly, UnoRe is set to democratize and decentralize the reinsurance industry in order to eliminate all barriers to investment in reinsurance.