Bridge Mutual, the decentralized and discretionary insurance platform providing coverage for stablecoins, CEXs (centralized exchanges), and smart contracts, has recently sealed a partnership deal with Bondly Finance to make DeFi (decentralized finance) available to every individual.
With the continued growth of DeFi, most of the risk-averse users are moving towards getting their stablecoins insured. With this recent partnership brewing between Bridge Mutual and Bondly Finance, Bondly becomes the first company to offer decentralized insurance coverage on stablecoins.
Bondly is one of the leading players in the digital asset eCommerce ecosystem that focuses on escrow, interoperability, and NFTs (non-fungible tokens). With this partnership, these services will be made available to all cross-chain operations, thereby giving the users full liberty to interact and use multiple blockchain platforms.
Moreover, with this collaboration, getting insurance coverage on NFTs will no longer be impossible to decipher. Now users will be allowed to submit unique claims based on their insurance and recover funds lost by malicious or insecure parties. Bridge Mutual will provide full insurance coverage to the Bondly users related to the release of unique utility NFTs.
This will, in turn, help the DeFi ecosystem to grow and become more secure. It will help steer the agile and trusted DeFi ecosystem to everyone by bridging a gap between the traditional marketplaces and decentralized escrow payments. As a result of this partnership, Bondly users can connect the Bridge Mutual by buying or staking BMI tokens in Bridge coverage pools.
The company mentioned in their press release,
A part of the premiums paid by users who buy the insurance coverage is often split among users who provide that coverage as a profit-sharing incentive. In this way, users can ensure each other with the help of this discretionary insurance application and get reimbursed in case the market crashes, or they fall victim to any fraud attack.
On the contrary, Stablecoin insurance claims are settled immediately. All the other insurance claims undergo a three-phase voting process that takes a maximum of 6 weeks to settle the claim. Incentive systems used to adjudicate the claims are made transparently so that all claims can be settled accurately.
Michael Miglio, the CEO and Founder of Bridge Mutual, stated,
