Bridge Mutual, a provider of decentralized insurance, has partnered with Plasma.Finance and Plasma Pay, a DeFi aggregator. The partnership will allow both projects to create synergy in this evolving sector. Users of Plasma Finance will be able to directly fund or provide liquidity to Bridge Mutual via the Plasma Finance platform and the Bridge Mutual ecosystem.
Bridge Mutual Developments
As part of the deal, Bridge Mutual will utilize some of its liquidity to jumpstart a PlasmaPay insurance pool. Additionally, they will integrate shield mining for PlasmaPay. It will allow users that provide coverage to the PlasmaPay pool to earn PPAY tokens. The result will be more participants for the Bridge Mutual decentralized insurance platform. It will also provide increased safety for users of PlasmaPay and Plasma Finance.
PlasmaPay already has a great record when it comes to attracting users from the crypto and non-crypto industries. They have facilitated this through a seamless fiat ramp. PlasmaPay’s low entry barrier and its existing user base will make it easy for the Bridge Mutual insurance product to scale on a global basis. On the other hand, users of PlasmaPay can enjoy additional benefits offered by Bridge Mutual.
We have partnered with @Plasma_Pay! 🥳
Bridge Mutual and PlasmaPay are joining forces to make decentralized #insurance on the #blockchain available for everyone!
Full write up ➡https://t.co/kFCJYoSfAE pic.twitter.com/SPhzhTpKi6
— BridgeMutual.io 🌉 ($BMI) (@Bridge_Mutual) January 20, 2021
Bridge Mutual & PlasmaPay Leadership
According to Mike Miglio, the Bridge Mutual CEO, the partnerships would focus on increasing the overall use of the DeFi industry by encouraging participants to protect each other. By working with PlasmaPay, the CEO believes that it was a strategic move. It will allow users to easily buy or provide insurance directly from the Plasma Finance app where they manage their digital assets. He added that
“In turn, we will make sure that Plasma Pay has an insurance pool ready to go for our launch event.”
While commenting on the partnership, Ilia Maksimenka, the PlasmaPay CEO said that the partnership would give both organizations the ability to grow their user base into each other’s platform. Maksimenka noted that the partnership would provide a net benefit for the two projects whose goal was to optimize the DeFi space. The PlasmaPay CEO added that
“Ease of use and access to insurance ultimately benefits users. By working together, Bridge Mutual and Plasma Finance take DeFi a step forward towards more reliable financial services on the blockchain.”
What Is Plasma Finance?
Plasma Finance is a platform in the DeFi space, which operates as a dashboard that aggregates all leading DeFi apps in one location. The goal of the platform is to simplify the DeFi industry for users and eliminate some of the barriers to entry. PlasmaPay is a blockchain-based protocol created by Plasma Finance. The protocol enables fast and efficient cross-border payments for its users.
What Is Bridge Mutual?
Bridge Mutual is a decentralized P2P/P2PB insurance platform. It offers coverage for stablecoins, crypto exchanges, and smart contracts. The Bridge Mutual platform allows its users to offer insurance products while deciding on the payout. Additionally, it compensates members for being part of the ecosystem. The Bridge Mutual platform issued the $BMI token, which was vastly oversubscribed. Upon its launch to the masses on January 30, 2021, it is expected to have an explosive TGE.
The deal could play an important role in securing the future of DeFi. Recent hacks in the sector have discouraged some from joining decentralized finance as a whole. However, with the advent of insurance products, it could help restore investor confidence.
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