The insurance protocol recently announced it will provide an increased insurance coverage amount of 1.5M to Umbrella Network — a community-owned, decentralized oracle service that offers low-cost, secure, and extensively scalable data solutions for decentralized finance (DeFi) applications.
As part of this partnership, Uno Re will provide Umbrella Network with a customized cover for their staking pools to further protect their users’ assets.
The move comes as Umbrella Network aims to empower its platform that enables a truly decentralized oracle invulnerable to influence, manipulation, or attack.
This will be effective starting December 9th, 2021
About Uno Re
Uno Re is the world’s first decentralized insurance and reinsurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform aims to break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest in the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.
About Umbrella Network
Umbrella Network is a community-owned decentralized oracle service providing secure, low-cost, and massively scalable data solutions to blockchain applications. Umbrella provides access to data previously unavailable to smart-contract developers across multiple segments including mid and long-tail crypto assets as well as real-world financial data. At the center of the Umbrella Network is the $UMB token which helps in securing the network and is used by the community to stake, vote on key representatives, and earn rewards & user fees. Umbrella solves the scalability problem in oracles by leveraging a layer 2 solution and utilizing Merkle trees for batching transactions.