Bridge Mutual, a group that describes itself as “a decentralized, scalable and comprehensive system of smart contracts to insure smart contracts, stablecoins, centralized exchanges, and other crypto and DeFi products,” has started the world’s first ever “insurance coverage offering in one of the fastest-growing digital asset markets: stablecoins,” according to a press release from the group.
The platform is “based on a decentralized, discretionary insurance application that allows users to insure each other and get reimbursed in the event of a market crash or an attack,” the release notes.
It plans to beat its competition “by offering to ensure stablecoins and exchanges, not just smart contracts. Additionally, Bridge Mutual is built on the Polkadot network, which offers fork-less, on-chain upgrading capabilities and a superior transaction fee structure,” it continues.
Sharing some thoughts on the matter is Michael Miglio, the Founder and CEO of Bridge Mutual, who said:
“Our platform does not require any form of identification from its users. All funds within our ecosystem are held in smart contracts; Bridge is entirely non-custodial. No Bridge team member ever has access to the funds being staked on the system.”