As of today, Bridge Mutual, a decentralized insurance provider, and DeFi aggregator Plasma Pay and Plasma Finance will work closely together. The partnership will allow Plasma users to benefit from decentralized insurance. In return, BridgeMutual is set to benefit from Plasma’s large user base.
Bridge Mutual is a decentralized, discretionary insurance application that provides coverage for stablecoins, centralized exchanges, and smart contracts. It enables users to purchase or provide insurance coverage, decide on insurance payouts, and get compensated for taking part in the ecosystem.
Plasma Finance is a DeFi platform and dashboard that aggregates popular DeFi applications in a single place. It simplifies the DeFi market for its clients and lowers barriers-to-entry. Through PlasmaPay, the platform offers quick and proficient cross border payment opportunities for all.
Under the new partnership agreement, Bridge Mutual will use a part of its liquidity funds to kickstart a PlasmaPay insurance pool and integrate shield mining. Stakers who participate in this insurance pool will receive compensation in the form of Plasma’s PPAY tokens. The strategy aims to increase the number of participants on Bridge Mutual’s decentralized insurance platform, strengthening the service as well as PlasmaPay and Plasma Finance’s security.
PlasmaPay has garnered users from both cryptocurrency and non-crypto currency areas with the use of its popular fiat ramp. The partnership is a win-win for both as PlasmaPay’s existing user base will make way for Bridge Mutual’s insurance product.
“The DeFi space’s overall safety has to be enhanced, which is the main objective of our partnership. We urge users to protect each other. Now, the users can buy or offer insurance easily from the Plasma Finance app. In return, we will ensure that Plasma Pay has an insurance pool ready for our launch event,” said Mike Miglio, CEO of Bridge Mutual.
“This association will enable the two organizations to expand each others’ operations, a net advantage for both ventures hoping to improve the DeFi market as a whole. Simple usage and easy access to insurance benefit users in the long run. Convenience and admittance to protection at last advantages clients. With this collaboration, Bridge Mutual and Plasma Finance step forward for reliable financial services on the blockchain,” said Ilia Maksimenka, CEO of PlasmaPay.
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