Strategic Partnership Announcement: Collateral Pay to act as Payment Gateway for PolkaCover
Collateral Pay| PolkaCover
PolkaCover is delighted to partner with Collateral Pay; The Defi-to-Fiat Payment Gateway of Collateral Pay.
A permission-less alternative to the old school financial systems, DeFi is a revolutionary change in the fintech world. However, due to the lack of payment gateways, the use of DeFi out of the crypto sphere is challenging when compared with fiat.
PolkaCover has now partnered with the multi-chain Polkadot network Collateral Pay to bridge the DeFi-to-Fiat gap. PolkaCover will use Collateral Pay as a Payment Gateway to facilitate all kinds of transactions on the insurance products within the platform.
Collateral Pay is a GenX payment gateway protocol that links the crypto and the fiat ecosystems allowing the users to stake, store, loan and spend their digital assets via a single platform. Rather than selling off crypto assets, Collateral Pay allows unlocking and using their value as collateral to provide liquidity against payments retaining their potential upside. The transactions taking place in this peer-to-peer network are managed through Smart Contracts. Collateral is the first platform to enable users to leverage their DeFi-based digital assets without the need for a loan drawdown facility, saving time and making everyday payments feasible.
By leveraging Polkadot’s cross-chain technology, Collateral Pay is set to seamlessly connect with Ethereum with the possibility of added blockchain compatibility in the future.
The use of Collateral Pay as a payment gateway on PolkaCover will open both multi-chain accessibilities within the DeFi space as well as a utility for assets in the real world.
Why Collateral DeFi –
- Collateral Merchants : Allows merchants to sell goods and services to new crypto holders with the promise of receiving fiat seamlessly in case of some potential upside loss.
- Collateral Pay : Users can pay for products on the PolkaCover platform by using the Collateral app. The QR code in the app could be scanned to automatically lock crypto as a collateral, releasing the fiat equivalent.
- Collateral Loan : Users can access instant loans for larger purchases with the lowest collateral — to- value (CTV), locking up the required crypto asset to receive funds in fiat.
“We are elated to partner with Collateral Pay. Collateral Pay is a platform that bridges the gap between DeFi-to-Fiat. With this partnership, we hope to bring our users an enhanced experience on transaction ease and feasibility within our platform.
- Kunal Sadani, CEO, PolkaCover
“We are delighted to be joining forces with Polkacover. As a business, our main goal is to drive mass adoption and partnering with Polkacover is testament to this. We believe Polkacover offers a unique solution in the insurance marketplace and this coupled with our GenX payment gateway solution gives users a fantastic solution, which we are extremely proud of.”
- Chris Londgen CEO, Collateral Pay
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
Collateral Pay is a Polkadot-based decentralized payment gateway that lets users collateralize crypto to facilitate payment for goods and services. Powered by a P2P network of borrowers and lenders, the protocol also allows users to store, stake, loan and save digital assets, with lenders receiving an APY in return.