THE HAGUE, The Netherlands, Nov. 21, 2024 (GLOBE NEWSWIRE) — Avata, a leading InsurTech company committed to reshaping travel insurance through decentralized technology, is thrilled to announce the launch of an innovative “Cancel For Any Reason” (CFAR) insurance solution in partnership with Web3 travel platform, Sleap.io. Powered by the L1 Camino Network, this CFAR coverage is available exclusively to Sleap’s City NFT holders, introducing an unprecedented level of flexibility, efficiency, and security for modern travellers navigating the decentralized landscape.
Now live, the CFAR program provides City NFT holders with up to 500 USDT in coverage for non-refundable bookings made through Sleap.io, with coverage increasing incrementally based on the number of NFTs held. Powered by smart contracts, this on-chain InsurTech solution offers near-instant stablecoin payouts, eliminating traditional waiting periods and cumbersome documentation. Travellers can now enjoy swift, seamless protection for their bookings, ushering in a new generation of travel insurance simplicity and efficiency.
Michael Ros, CEO & Co-Founder of Sleap.io, shares his enthusiasm: “With our partnership with Avata, we’re thrilled to offer our City NFT holders the freedom of cancel-anytime travel insurance—a true game-changer in travel protection. Together, we’re building a secure, flexible future for travellers in the Web3 space.”
This game-changing coverage is activated automatically when users connect their wallet on Sleap.io and hold a City NFT, seamlessly integrating protection for the booking at checkout.
Gone are the days of complicated claim processes and lengthy payout timelines. Avata’s CFAR solution empowers travellers with unparalleled convenience, removing intermediaries and restrictive terms, while ensuring a fully on-chain experience. With global reach, Avata’s embedded coverage brings peace of mind to travellers worldwide, setting a new standard in travel insurance for the digital age.
Highlighting the broader impact, Pablo Castillo, CEO & Co-Founder of Chain4Travel, creator of the Camino Network, states: “Sleap and Avata are prime examples of collaboration within the rapidly expanding Web3 travel community. Camino Network provides them with more than just a secure and agnostic Web3 infrastructure—it also fosters the community engagement necessary for an InsurTech provider like Avata to seamlessly connect with travel companies like Sleap. We’re excited to see the Camino Network power countless transactions through this smart & flexible insurance solution, bringing modern travellers the protection they need.”
Sung Feng Wu, CEO of Avata, emphasizes the value of this new on-chain insurance solution: “Our on-chain CFAR insurance solution redefines travel insurance. By integrating directly with Sleap.io and leveraging the Camino Network, we’re providing travellers with a uniquely straightforward, digital-native option that empowers them to cancel with ease and enjoy peace of mind, wherever they go.”
This groundbreaking innovation sets a new benchmark for travel insurance, redefined for the decentralized traveller. Soon, the on-chain CFAR program will be available as an opt-in for Sleap.io’s wider user base and other travel merchants on the Camino Network, extending the reach of Avata’s flexible, on-chain protection.
About Avata
Avata is an InsurTech company pioneering the integration of insurance solutions within the digital and tokenized asset space. We offer a seamless plug-and-play platform that connects insurance carriers with merchants of digital assets and tokenized real-world assets (RWAs). Our mission is to secure the digital economy by providing tailored insurance and warranty products for owners and merchants across Web2 and Web3 environments, ensuring their assets are protected against a spectrum of risks.
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