Bridge Mutual, A Rising Discretionary Risk Coverage Platform, Receives $1 Million Order for Purchase of BMI Tokens From Tether and Bitfinex; Sets Launch of the Coverage Mining Event to Create Coverage Pools for Top DeFi Projects for 2nd of July 2021!
Bridge Mutual, the decentralized, peer-to-peer discretionary coverage platform for digital assets, today announced that it has received a $1 Million order for the purchase of BMI tokens from Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization (USDT), and Bitfinex, one of the largest cryptocurrency exchanges by volume.
In addition to the purchase of tokens, Tether and Bitfinex will assist Bridge Mutual in its effort to become the most widely used and supported decentralized coverage platform in the market; and Bridge Mutual will make USDT the base stablecoin by which the entire Bridge Mutual platform operates. A short delay of 3 days is required to code these changes and test run the network prior to Bridge Mutual’s release, which is now scheduled for Friday, July 2nd, 2021.
In addition, Bridge Mutual’s Coverage Mining Event is also launching on Friday, designed to create deep coverage liquidity pools for a select group of top DeFi projects, such as Aave, Synthetix and Barnbridge. Users and projects alike will be free to provide coverage liquidity in the form of USDT in exchange for yield and rewards. The 14-day event will commence on July 2, 2021, during which time 6 million BMI tokens, will be distributed to liquidity providers.
“Tether plays a pivotal role in the crypto ecosystem, and we are proud of the support Bridge Mutual has received,” said Mike Miglio, founder of Bridge Mutual. “We look forward to further collaboration opportunities with Tether soon.”
Last year alone, an estimated $200 million USD in digital assets were lost in attacks on major platforms. 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. Built on Ethereum with the intent to migrate to Polygon and other chains to optimize transaction costs and leverage new dApp ecosystems, Bridge Mutual provides coverage for stablecoins, centralized exchanges, smart contracts (such as decentralized exchanges), with more products under development.
Bridge Mutual’s BMI token powers the application’s ecosystem by enabling users to vote on the submitted claims in exchange for rewards, as well as to collectively govern the platform. By staking and locking BMI on the Bridge Mutual platform, users can earn yields from the staking protocol. Staking USDT as coverage liquidity, which is also rewarded with BMI tokens, allows users to earn premiums paid by the policy purchasers.
Project coverage pools are the source of coverage for all projects listed on Bridge Mutual. The process of creating coverage pools on Bridge Mutual will be open and permissionless for all to use immediately following the end of the Coverage Mining Event, enabling users to create pools and provide coverage in USDT for any project they like.
About Bridge Mutual
Bridge Mutual is a decentralized, peer-to-pool 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. Bridge Mutual’s token, $BMI, witnessed an explosive TGE on January 30, 2021 and aims to take and hold the throne of risk coverage platforms on the market.
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