How to buy Cover Protocol token with credit card
Want to buy COVER, but don't know how to get started? Follow these easy steps! All you need is an email address and a credit card.
Ondefy offers the fastest way to buy Cover Protocol
Follow these steps to get started:
1. Enter Amount
2. Connect your email or wallet
3. Pay by credit card or bank transfer
What is Cover Protocol?
Cover Protocol is a peer-to-peer insurance market that operates more like a prediction market. Unlike other insurance protocols, the governance token is not used for underwriting risk. To incentivize market makers to stake collateral of DAI/yDAI to mint CLAIM and NOCLAIM tokens, Cover Protocol provides coverage for a specified protocol with a specified expiry date. For example, if 100 DAI is used to provide coverage for Compound protocol until an expiry date, it will yield 100 CLAIM and 100 NOCLAIM tokens. On the expiry date, if there is a valid claim event, every CLAIM token will receive 1 DAI while NOCLAIM token will expire worthless. The opposite is true if there is no valid claim event, with every NOCLAIM token receiving 1 DAI and CLAIM token expiring worthless.
How do I buy Cover Protocol in 2023?
You can buy Cover Protocol using credit card (Visa or MasterCard), bank transfer, Apple Pay or Google Pay. All you need to do is to choose a fiat currency, e.g. CHF, and enter an amount. A conversion rate is calculated for you. Once you are happy with the rate, tap the "Continue" button to get started. At this point, you will need to connect your email or wallet (if you are buying crypto for the first time, it will be easier for you to use your email, but Metamask and WalletConnect are also supported). Depending on wether Cover Protocol is supported by our ramp provider, you may be invited to buy an intermediary token, that we will then swap to Cover Protocol for you. In this case, you will first need to sign a permit in order to allow us to perform this swap on your behalf. Finally, you will be able to choose your payment method, and finalise your purchase. If this is your first time buying with Ondefy, you will need to complete a short KYC (Known Your Customer) verification.
Is it safe to buy Cover Protocol?
Your payment processing is securely handled by our partner Transak, and your purchased Cover Protocol tokens benefit from the security of the blockchain. Nevertheless, as an investor you must assume the risk of owning cryptocurrencies, due to their inherent price volatility.