MEXCBridge Mutual Partnership with Plasma Finance takes DeFi Insurance to a New Level
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.
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
