Decentralized insurance provider Bridge Mutual has reached an agreement with DeFi aggregator PlasmaPay and Plasma Finance.
Decentralized insurance provider Bridge Mutual has reached an agreement with DeFi aggregator PlasmaPay and Plasma Finance, allowing both projects to work in close collaboration. With this partnership, Plasma Finance users will be able to directly fund or provide liquidity to Bridge Mutual using the Plasma Finance platform and Bridge ecosystem.
In return, Bridge Mutual has pledged to use some of its own liquidity to jumpstart a PlasmaPay insurance pool and integrate shield mining for PlasmaPay so that users providing coverage to the PlasmaPay pool may earn PPAY tokens as a reward. This results in an increased number of participants for Bridge Mutual’s decentralised insurance platform, while providing further safety for PlasmaPay and Plasma Finance users.
PlasmaPay has a proven track record of attracting users from both cryptocurrency and non-cryptocurrency areas by providing an easy to use fiat ramp. The existing user base and ease of entry provided by PlasmaPay will make way for Bridge Mutual’s insurance product to be widely available for purchase. On the flip side, PlasmaPay’s users can enjoy additional benefits provided by Bridge Mutual.
“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,” said Mike Miglio, CEO of Bridge Mutual.
“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. 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,” said Ilia Maksimenka, CEO of PlasmaPay.