Shadows Network to Introduce DeFi Risk Coverage with Bridge Mutual Partnership
We are delighted to announce that our latest strategic partnership is with Bridge Mutual, the decentralized risk coverage platform.
Built for smart contracts, stablecoins, exchanges and other DeFi instruments, Bridge Mutual is aiming to revolutionize traditional insurance by making it more transparent and efficient. With Bridge, claims and investments are recorded on the blockchain and fully auditable by the public, with all claims undergoing a multi-phase voting process enforced with rewards and penalties.
Through our strategic partnership, Shadows Network will integrate Bridge’s risk coverage widget into our Polkadot-based synthetic trading platform, giving all users the opportunity to cover their risk moving forward. Bridge Mutual’s standard coverage includes smart contract exploits, hacks, and rug pulls, events that are, unfortunately, an ever-present danger in the decentralized finance space.
“DeFi may be permissionless but it’s not yet perfect — which is why users are keen to cover their risk against some of the common pitfalls,” said Patrick Kim, Head of Product from Shadows Network. “By joining forces with Bridge Mutual, we are giving our users the ability to secure their assets, and to get more out of Shadows Network.”
“We’re privileged to be partnering with Shadows Network,” added Mike Miglio, CEO of Bridge Mutual. “We have been very impressed by their technology and their team, which is at the forefront of the innovation that’s unfolding right now on Polkadot. Together, we look forward to realizing the full potential of DeFi and helping traders enjoy a richer and safer experience.”
Bridge Mutual intends to integrate its risk coverage widget far and wide, and has already formed partnerships with the likes of Kylin Network, YOP, Bondly, Unido, Plasma Finance and Boson Protocol. It was a no-brainer to make them Shadows Network’s insurer of choice, as we strive to bring synthetic trading, lending and borrowing to the ever-expanding Polkadot ecosystem.
In conjunction with Bridge Mutual, Shadows Network will elevate the reputation of DeFi via insurable financial primitives that everyone can interact with. We look forward to a long and fruitful partnership.
About Bridge Mutual:
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, as well as share profit and get compensated for adjudicating claims.
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