Bridge Mutual, a decentralized insurance provider, has announced a collaborative partnership with DeFi aggregator PlasmaPay and Plasma Finance allowing users to directly fund or provide liquidity through the Bridge ecosystem and the Plasma Finance platform.
Bridge Mutual will also use some of its own liquidity to start a PlasmaPay insurance pool, integrating shield mining in order to give users the chance to earn PPAY tokens as a reward for providing coverage to PlasmaPay. The result is an increase in users on the decentralized insurance platform for Bridge Mutual, and another dimension of safety for PlasmaPay and Plasma Finance users.
“This partnership will give both organizations the ability to expand operations into the other’s platform, a net benefit for two strong projects looking to optimize the DeFi market as a whole,” notes Ilia Maksimenka, PlasmaPay’s CEO, “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.”
Bridge Mutual CEO Mike Miglio adds, “The main focus of our partnerships is to increase the overall safety of the DeFi space by encouraging users to protect each other. Partnering with PlasmaPay was strategic in that users will be able to easily purchase or provide insurance directly from the Plasma Finance app where they manage all of their assets. In turn, we will make sure that Plasma Pay has an insurance pool ready to go for our launch event.”
PlasmaPay’s easy-to-use fiat ramp historically has attracted users from cryptocurrency and non-cryptocurrency areas alike. This ease of entry and diverse existing universe makes it possible for Bridge Mutual’s insurance to be widely available to purchase. Inversely, PlasmaPay users get to enjoy the additional benefits that Bridge Mutual provides.
Plasma Finance is a DeFi platform and dashboard that aggregates all of the most popular DeFi applications in one place. With the goal of simplifying the DeFi market for its users and eliminating some aspects regarding DeFi barriers to entry, Plasma Finance is working to become a cornerstone of the DeFi economy. PlasmaPay is a blockchain protocol developed by Plasma Finance, allowing for fast and efficient cross border payment opportunities for all users.
Bridge Mutual is a decentralized, discretionary p2p/p2b insurance platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide insurance coverage, decide on insurance payouts, as well as get compensated for taking part in the ecosystem. Having vastly oversubscribed in its private sale, Bridge Mutual’s token, $BMI, is primed to have an explosive TGE on January 30th, 2021.
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