Bridge Mutual and AllianceBlock Partner to Provide Compliant Coverage to DeFi
- Blockchain , Lending , Asset Management
- 05.02.2021 11:33 am
Bridge Mutual, the decentralized, peer-to-peer discretionary coverage platform for digital assets, today announced a partnership with AllianceBlock, a decentralized, blockchain-agnostic layer 2 protocol that bridges traditional and decentralized finance. Through this partnership, Bridge Mutual and AllianceBlock will provide traditional investors with a compliant bridge to DeFi protected by decentralized coverage.
AllianceBlock will integrate Bridge Mutual into its P2P lending platform, allowing Bridge Mutual to provide coverage to lenders and investors. Bridge Mutual will leverage AllianceBlock’s pioneering multi-pair liquidity mining platform to offer BMI token holders instant liquidity via staking, with high APY rewards for a range of pairs. Bridge Mutual will also work to monetize its platform through the AllianceBlock Data Tunnel.
“Partnering up with quality projects like AllianceBlock that already have meaningful real-world collaborations, including the London Stock Exchange, is one of the primary ways we’ll accomplish making crypto mainstream,” said Mike Miglio, CEO of Bridge Mutual. “We’re excited to change the world with AllianceBlock by opening up a direct channel for consumers in the AllianceBlock capital market to provide and purchase discretionary coverage through either of our platforms.”
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other's technologies,” said Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
Last year, an estimated $200 million USD in digital assets were lost in attacks on major digital asset services. Bridge Mutual mitigates the risk of loss of funds resulting from hacked or exploited smart contracts, exchange hacks or theft, price crashes in stablecoins, and other digital asset vulnerabilities by creating a platform that allows users to provide and purchase discretionary coverage.