Most Frequently Asked Questions
How independent is the VAIOT Web broker?
The VAIOT Assistant offers completely independ advise. Our key goal is to help you find the best protection for your crypto assets.
Do I pay the same price at VAIOT as when I visit the website of a partner directly?
Yes, on the VAIOT website you will find the same prices for the Crypto covers as on the websites of our partners. There will be no additional costs when you buy your cover at VAIOT.
How do crypto covers work?
Our partners have built a community-based crypto asset insurance ecosystem. On one hand they offer staking options for community members that believe certain exchanges, wallets, protocols or smart contracts are safe. With these locked value assets risk-pools are created. Based on these pools crypto covers are sold. The more assets have been staked, the more coverage is available. When there are claims the communities will decide whether they claim is justified & will be paid out.
What is a base currency?
The Base Currency is the currency in which you determine the total covered amount and in which you pay your premium. Suppose for example that you have a portfolio of different crypto currencies that is worth the equivalent of about 5 ETH. In that case you can select ETH as your Base Currency and get a cover for 5 ETH for the period you have in mind. Any possible future claims will also be paid out in the Base Currency.
Do all partners provide the same conditions?
Every partner we work with has their own set of crypto covers and their own Terms & Conditions. This means it is very important for you to compare not only pricing but also the terms of the products you are interested in.
What is a centralized exchange?
Cryptocurrency exchanges allow investors to trade, buy or sell cryptocurrencies. Exchanges are called 'centralized' when investors store their crypto currency in a wallet provided by the exchange. In this case the investors do not have access to the private keys of their exchange account’s wallets. Well-known examples include: Coinbase, Binance and Kraken.
What are custodial wallets?
With a custodial wallet another party controls your private keys.
Can I get protection at all centralized exchanges?
Our partners offer coverage for a limited set of centralized exchanges & custodials wallets. Are you curious if there is a cover for the exchange that you are using? Open the VAIOT app and find out.
What are DeFi services?
DeFi stands for Decentralized Finance and represents a wide variety of financial services that operate entirely on blockchain networks. These services enable people for example to stake or swap their crypto assets.
Why should I get coverage for DeFi services?
Using DeFi services doesn't come without risks. Due to their digital nature, these services are vulnerable to glitches, human error, or hacking. The only way to protect your crypto assets against such risks is to buy crypto coverage.
What are non-custodial wallets?
With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours.
I have lost crypto assets. What should I do now?
Ow no, did you loose (part of) your crypto assets? First of all please visit the website of the partner where you bought your Crypto Cover. Here you can find all information on how you can raise a claim and what information you have to add. Please note that with some partners there is a limted period to raise your claim. When you raise a claim be as specifc as possible, so include wallet addresses, transaction id's, messages from the service providers that was hacked et ceteras. Are you in doubt what to do, of course you can always go to the contact us page and get in touch!
Who decides whether claims are paid out?
The community of the partners where you bought your cover will eventually decide whether your claim will be paid out.
Is the claim process the same for all partners?
Every partner has their own specific rules for raising claims. Before raising a claim it is important that you read carefully what information you have to include and when you can raise your claim. Some partners apply for example a minimum or maximum amount of days for you to raise your claim after the event.
What if I lose more than my covered amount?
Unfortunately in case of any events, our partners will not pay out more than the covered amount.
How did VAIOT select their partners?
VAIOT selects partners that have a solid community and solid funding (total value locked). We also make sure our partners have been audited by trustworthy 3rd parties.
How can we become partners?
Do you provide Crypto covers and do you want to sell them via our broker? Great! Please use the contact us page to get in touch.
What does it mean that your partners are audited?
Our partners may be audited in two ways: technical and financial. The blockchain based services offered by partners are defined by the smart contracts they use. It is very important that these smart contracts have been audited by a 3rd party to make sure the contracts work as intended and don't have weaknesses that may be exploited. The financial audits focus on the locked value our partners hold.
VAIOT Broker
How independent is the VAIOT Web broker?
The VAIOT Assistant offers completely independ advise. Our key goal is to help you find the best protection for your crypto assets.
Do I pay the same price at VAIOT as when I visit the website of a partner directly?
Yes, on the VAIOT website you will find the same prices for the Crypto covers as on the websites of our partners. There will be no additional costs when you buy your cover at VAIOT.
Buy protection for your crypto currency
How do crypto covers work?
Our partners have built a community-based crypto asset insurance ecosystem. On one hand they offer staking options for community members that believe certain exchanges, wallets, protocols or smart contracts are safe. With these locked value assets risk-pools are created. Based on these pools crypto covers are sold. The more assets have been staked, the more coverage is available. When there are claims the communities will decide whether they claim is justified & will be paid out.
What is a base currency?
The Base Currency is the currency in which you determine the total covered amount and in which you pay your premium. Suppose for example that you have a portfolio of different crypto currencies that is worth the equivalent of about 5 ETH. In that case you can select ETH as your Base Currency and get a cover for 5 ETH for the period you have in mind. Any possible future claims will also be paid out in the Base Currency.
Do all partners provide the same conditions?
Every partner we work with has their own set of crypto covers and their own Terms & Conditions. This means it is very important for you to compare not only pricing but also the terms of the products you are interested in.
Centralized exchange & wallet protection
What is a centralized exchange?
Cryptocurrency exchanges allow investors to trade, buy or sell cryptocurrencies. Exchanges are called 'centralized' when investors store their crypto currency in a wallet provided by the exchange. In this case the investors do not have access to the private keys of their exchange account’s wallets. Well-known examples include: Coinbase, Binance and Kraken.
What are custodial wallets?
With a custodial wallet another party controls your private keys.
Can I get protection at all centralized exchanges?
Our partners offer coverage for a limited set of centralized exchanges & custodials wallets. Are you curious if there is a cover for the exchange that you are using? Open the VAIOT app and find out.
Protocol & smart contract protection
What are DeFi services?
DeFi stands for Decentralized Finance and represents a wide variety of financial services that operate entirely on blockchain networks. These services enable people for example to stake or swap their crypto assets.
Why should I get coverage for DeFi services?
Using DeFi services doesn't come without risks. Due to their digital nature, these services are vulnerable to glitches, human error, or hacking. The only way to protect your crypto assets against such risks is to buy crypto coverage.
What are non-custodial wallets?
With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours.
Claim process
I have lost crypto assets. What should I do now?
Ow no, did you loose (part of) your crypto assets? First of all please visit the website of the partner where you bought your Crypto Cover. Here you can find all information on how you can raise a claim and what information you have to add. Please note that with some partners there is a limted period to raise your claim. When you raise a claim be as specifc as possible, so include wallet addresses, transaction id's, messages from the service providers that was hacked et ceteras. Are you in doubt what to do, of course you can always go to the contact us page and get in touch!
Who decides whether claims are paid out?
The community of the partners where you bought your cover will eventually decide whether your claim will be paid out.
Is the claim process the same for all partners?
Every partner has their own specific rules for raising claims. Before raising a claim it is important that you read carefully what information you have to include and when you can raise your claim. Some partners apply for example a minimum or maximum amount of days for you to raise your claim after the event.
What if I lose more than my covered amount?
Unfortunately in case of any events, our partners will not pay out more than the covered amount.
Partners
How did VAIOT select their partners?
VAIOT selects partners that have a solid community and solid funding (total value locked). We also make sure our partners have been audited by trustworthy 3rd parties.
How can we become partners?
Do you provide Crypto covers and do you want to sell them via our broker? Great! Please use the contact us page to get in touch.
What does it mean that your partners are audited?
Our partners may be audited in two ways: technical and financial. The blockchain based services offered by partners are defined by the smart contracts they use. It is very important that these smart contracts have been audited by a 3rd party to make sure the contracts work as intended and don't have weaknesses that may be exploited. The financial audits focus on the locked value our partners hold.
