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Bridge Mutual Closes Gap Between Traditional Finance and Digital Finance Insurance

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One of the biggest problems standing in the way of widespread crypto adoption is lack of trust, particularly when it comes to assets on centralized exchanges or complex exploits on decentralized protocols. While it is true that cryptocurrency blockchains are difficult to tamper or manipulate, other services in the space still experience multiple large-scale hacks per month. 

Centralized exchanges are prone to having their funds hacked, stolen, or lost. From the infamous Mt. Gox and FCoin hacks to the most recent KuCoin heist, dark clouds have been cast over the industry for centralized exchanges. These frequent incidents, in addition to the frantically volatile nature of crypto markets, have stopped cryptocurrency from gaining momentum. 

That’s where Bridge Mutual comes in to offer insurance. It aims to give institutional crypto investors a reliable way to offset their investment risks by issuing discretionary insurance against exchange hacks, smart contract attacks, and stablecoin crashes.

How does Bridge Mutual work?

The funds used to insure Bridge Mutual’s policy holders come from stakers who are able to select the stablecoin, exchange, or smart contract that they want to insure. After funds are locked in, they enjoy passive income from investment yields and profit sharing in the system. 

Likewise, the process for purchasing insurance through Bridge Mutual is just as simple as stakeholding. All users have to do is select the stablecoin, exchange, or smart contract they want insurance for. The protocol automatically calculates a premium based on the coverage requested by the user, and the user pays via their wallet. Once paid, the user becomes a policy holder and is able to easily make a claim on the Bridge website.

The Bridge Mutual API constantly scrapes and analyzes price feeds of stablecoins so that the claims process for stablecoin crashes can be settled automatically and instantly. Any smart contract or exchange claims are then processed through a nuanced, three-phase voting system. In a nutshell, this means that claims are voted on by the community and there are incentives and penalties in place to assure that every claim is adjudicated with high accuracy.

Two ways to earn rewards

Anyone who invests in the Bridge Mutual system can earn income in two different ways. One way is to contribute funds to the various insurance pools that Bridge Mutual offers. Once locked in, stakeholders will be entitled to earn profit-sharing rewards and yields. The other way to earn money is by voting on claims. Reliable and trustworthy voters can receive up to 5% of a claim’s premium by voting correctly. 

What impact will Bridge Mutual have on the crypto industry?

As Bridge Mutual points out in its pitch deck, its closest parallel in the traditional financial world is the credit default swap. While it is true that unregulated credit default swap trading was one of the main factors behind the international economic crisis of 2007, most experts agree that credit default swaps generally play a positive role in the economy. 

Since financial instruments of the type offered by Bridge Mutual can allocate crypto trading risks in a more optimal way, they can make the entire industry safer for institutional investors. If institutions were to become less reluctant to invest in crypto projects, the entire industry could benefit as a result.  

Led by a crypto lawyer, a blockchain developer, a former SEC attorney and an executive from Paxful

Bridge Mutual CEO and co-founder Michael Miglio is a partner at the crypto law firm Wolfe Miglio. Lili Feng, CLO at Bridge Mutual, is an experienced commercial attorney that worked at several different investment banks and was a Project Attorney at the U.S. Securities and Exchange Commission. Bridge Mutual’s CTO is Ian Arden, an expert that brings 20+ years of experience in Solidity, C, C++, C#, LAMP stack, JavaScript and Java to the table. Joshua Viser, Director of Institutional Accounts at the peer-to-peer Bitcoin marketplace Paxful, rounds out the executive team with connections to institutional players in the space.

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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