Bridge Mutual Becomes First Company to Offer Decentralized Insurance on Stablecoins
Decentralized insurance provider Bridge Mutual has started the first-ever insurance coverage offering in one of the fastest-growing digital asset markets: stablecoins. Bridge Mutual is based on a decentralized, discretionary insurance application that allows users to insure each other and get reimbursed in the event of a market crash or an attack.
The service one-ups the competition by offering to ensure stablecoins and exchanges, not just smart contracts. Additionally, Bridge Mutual is built on the Polkadot network, which offers fork-less, on-chain upgrading capabilities and a superior transaction fee structure.
Users can join the Bridge Mutual ecosystem by purchasing BMI tokens and staking BMI in Bridge coverage pools. Funds within the coverage pools are automatically invested on-chain in other platforms, such as Compound and Aave to generate yields for users. Quotes are generated on-chain by an actuarial formula; users may connect their Web 3 wallet (Metamask and others) to pay for the coverage after receiving the quote. Part of the premiums paid by users buying coverage is split among users providing that coverage as a profit-sharing incentive.
Stablecoin insurance claims are settled instantly. All other claims go through a 3-phase voting process that settles claims in 6 weeks or less. Incentive systems are put in place to ensure that each claim is adjudicated fairly and accurately without fraud or collusion.
“Our platform does not require any form of identification from its users. All funds within our ecosystem are held in smart contracts; Bridge is entirely non-custodial. No Bridge team member ever has access to the funds being staked on the system,” said Bridge Mutual Founder and CEO Michael Miglio.
Miglio, an experienced blockchain attorney, has provided legal services to a number of highly visible blockchain projects, including Akropolis, Certik, Kinesis, NOIA, QTUM, FABRK and Gate.io. Bridge Mutual has assembled a stellar team of insurance and financial experts, as well as programmers and other lawyers.
Bridge Mutual aims to be the first platform to provide coverage for the massive $20B+ stablecoin economy, which is growing at an exponential rate. The project enjoyed oversubscribed angel and seed rounds, and is currently in negotiations with top-tier blockchain funds to fill its private round.
About Bridge Mutual
Bridge Mutual provides a decentralized, scalable and comprehensive system of smart contracts to insure smart contracts, stablecoins, centralized exchanges, and other crypto and DeFi products. It offers transparent, auditable, on-chain investment strategies to return yields and profit-sharing to its users and does not require KYC or personally identifying information. For more information, please visit www.bridgemutual.io.
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