OpenDeFi Announces Partnership with Tidal Finance
OpenDeFi is thrilled to announce a partnership with Tidal Finance.
Tidal Finance is an open marketplace for programmable insurance. They are making the DeFi sector a safer place by providing insurance coverage with their high-yield insurance platform. This platform allows users to buy and sell decentralized insurance coverage for smart contracts and assets across multiple chains.
With this partnership, OpenDeFi will explore the implementation of Tidal’s programmable insurance to our risk coverage solutions and integrate their protocol within our system.
“Providing a secure environment to our users has always been the aim for OpenDeFi by OroPocket, and we’re very excited to accomplish this by partnering with Tidal Finance. The future of Decentralized Finance is a free flow of value, and OpenDeFi and Tidal Finance are doing their part,” said Tarusha Mittal, COO & Co-Founder at OpenDeFi.
What Does this Partnership Bring?
This will be a mutually beneficial partnership for both OpenDeFi and Tidal Finance.
Tidal Finance allows its users to create custom insurance pools for assets and smart contracts across multiple chains. Tidal, with this partnership, will gain access to OpenDeFi’s real-world tokenized assets, which will be insured and will significantly enhance Tidal’s customer base.
OpenDeFi, on the other hand, will get a higher level of insurance coverage from Tidal Finance to safeguard the platform from any malicious attacks. This will ultimately enhance the security of the assets our users hold.
“OpenDeFi is a very ambitious initiative, and some of the biggest projects in DeFi are using it. We’re very happy to work with OpenDeFi and offer mutual cover pools to ensure more confidence in the projects that make up the OpenDeFi consortium,” said Chad Liu, Co-Founder at Tidal Finance.
Tidal Finance makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. TIDAL is a Balancer-like insurance market that allows users to create custom insurance pools for one or more assets.
With Tidal, users can choose risk pools depending on their risk appetite, and filter it through a combination of protocols/assets and their coverage terms (premium, cover period, etc). Liquidity Providers, on the other hand, can invest in pools that suit their risk/reward ratio.
OpenDeFi provides 100% asset-backed banking without the insidious, hidden charges and time-consuming tedium that come with traditional banks. Through their Fiat on-ramp OroPocket, users can invest in multiple asset classes, grow their wealth, enjoy 100% liquidity—all on Blockchain, with a simple app.