Bridge Mutual Launches BMI Token on Polkastarter

Decentralized, p2p discretionary coverage platform for digital assets Bridge Mutual is launching its BMI token on the Polkadot’s Decentralized Exchange Polkastarter, the company announced today. BMI tokens will be offered on Polkastarter via an Initial DEX Offering (IDO) beginning January 30, 2021.

Mike Miglio, the CEO of Bridge Mutual, said that the most sophisticated digital asset investors are at risk of losing their funds through malicious and negligent activities. “With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets,” he added.

The Bridge Mutual platform lets users both provide and purchase coverage in a decentralized fashion, peer-to-peer. Coverage includes smart contracts, stablecoins, and exchanges. For instance, if providers want to offer coverage to Aave users, they will deposit stablecoins in the Aave pool to allow them to earn yields passively (as stablecoins and Bridge Mutual tokens BMI) and earn profit sharing when others buy Aave coverage. The coverage can be purchased via the Bridge Mutual app. Claims are easy to file if there is a loss due to a hack.

“When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes to the claimant,” the announcement said.

Bridge Mutual users can provide coverage for pools with various risk; in return, “providers receive risk to ratio yields derived from the reinvestment of funds in the coverage pools on decentralized lending platforms, profit sharing, and voting rewards which are given to those that vote on submitted claims,” Bridge Mutual further stated.

Bridge Mutual offers “permissionless and self-governing system” so that anyone can begin providing coverage and protect assets via smart contracts, almost instantly. The data on user coverage and staking is provided almost in real time on the platform. 

Bridge Mutual covers not only smart contracts, but also stablecoins and claims are settled instantly. Other claims go through a multi-phase voting system. Bridge Mutual says it “maintains robust compliance protocols and partnerships with auditing firms to provide not only audits for potential platformed projects, but also to continuously audit its own code for vulnerabilities.”

Mike Miglio and his team at Bridge Mutual have vast experience in law, finance, and the blockchain industry. Miglio is a blockchain attorney who has had years of experience and worked on complex cases involving cryptocurrencies.