In 2021, we can safely say that the crypto world now extends to almost all traditional sectors. However, there is one market that still has to grow a lot and become more crypto friendly. Which one? The insurance sector! In this niche there are a few established products such as wNXM or BMI, but many others are trying to gain a share of the market before it is too late. Among the most innovative products in the world of crypto insurance is a project recently launched via Polkastarter’s launchPad, called UnoRe! Let’s see what it is all about!
What is UnoRe
UnoRe’s ultimate goal is to be able to offer insurance to insurance companies. Sounds strange, doesn’t it? But it’s not, given that this practice, called Reinsurance, is often used in the traditional insurance industry and will surely do well in crypto as well. In a nutshell, UnoRe will allow other insurance companies to limit their risks by transferring small portions of their portfolio to itself. It is a project with great ambitions that will be able to compete with established names thanks to respectable backers including top 10 exchanges such as KuCoin and OKEx.
Other investors include well-known names in the crypto world such as X21, Fomocraft Ventures, Three M Capital, Kyros Ventures, Propeller, Moonrock Capital, NGC Ventures and others. In short, if the project wasn’t one with big ambitions, do you think these super respected companies would have put their faces on it?
UnoRe will start its mission by focusing on Crypto, Travel, Health and Parametric. These 4 niches are the most used in insurance and are also where the business is. UnoRe’s operation will be very simple as all the technology is Web 3.0 based and it will only take a few clicks to buy insurance. The platform also offers different options for all types of people, namely UnoRe Traders, UnoRe Investors and UnoRe Innovators. If you think you belong to one of these three categories, then UnoRe is a project you should keep an eye on from now on. Like all projects launched on Polkastarter, the team behind UnoRe is public and is often available for interviews, AMAs and chats with their investors. And like all crypto projects, there is a token at the heart of it all!
The UnoRe token: $UNO
If you are an active trader on Uniswap, you will certainly have already seen UNO as it is often among the trending tokens on DEXTools. Since its launch on Polkastarter, the token has found a stable price at around 42 cents. The lowest price ever reached was 31 cents on 30 July this year, while the highest price was 84 cents on 29 July. At this point, the price is pretty good, given that the maximum supply of the project is only 380 million tokens.
With these numbers, the fully diluted market cap of the project is just over $100 million and as we all know the insurance industry is worth several hundred billion dollars a year! What if these crypto projects manage to capture at least a small part of this turnover?