Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes to the claimant. Platform users can provide coverage for pools with varying degrees of risk, according to their risk appetite. In return, providers receive risk to ratio yields derived from the reinvestment of funds in the coverage pools on decentralized lending platforms, profit sharing, and voting rewards which are given to those that vote on submitted claims,” the press release by Bridge Mutual says.
Besides smart contracts, Bridge Mutual allows to insure stablecoins, should there be a sudden price drop. Users then submit a claim using the Bridge Mutual app and each claim is settled almost instantly. Per Bridge Mutual, their system eliminates human manipulation. Additionally, claims that are not related to stablecoins, go through a multi-phase voting process. Bridge Mutual has partnered with reputable auditing firms to further reduce risks and has set many compliance protocols in place.
Over $200 million USD in digital assets were stolen during several high profile hacks last year, the announcement said. Bridge Mutual is the first company to offer a discretionary, p2p platform for insuring stablecoins.
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