OpenDeFi’s growing stature is taking another big leap as it announces a strategic partnership with Uno Re, the world’s first risk trading reinsurance platform.
Open DeFi is a community-driven DOA, bridging the gap between DeFi and traditional finance by adding real-world assets on blockchain and building financial services on top of it.
What this partnership means
As the two companies join hands for a stronger relationship, OpenDeFi users will now be able to enjoy Uno Re’s reinsurance risk pools as an investment option where they can stake a stable coin.
Uno Re will act as a reinsurer to provide and get the returns either in DAI or our partner’s native token $UNO.
Moreover, users will be able to access Uno Re’s AI-based algorithm which will recommend them a pool based on their risk appetite by assessing parameters like age, income, net worth and more.
Being the reinsurer, Uno Re, on the other hand, will provide staking pool covers to the clients of OpenDeFi and its sister-concern company UniFarm.
What is staking pool cover?
For the unversed, a staking pool refers to a group of token holders merging their resources to increase their chances of validating blocks and receiving rewards.
Staking pool covers offer security to liquidity providers against smart contract hacks affecting the staking pool. This, in turn, safeguards liquidity providers’ funds during an unforeseen exploit by covering the claimed amount according to the underlying agreement.
More features of the deal
Uno Re will also provide tailor-made coverage to Open DeFi’s new age assets like gold and silver. For this, it will charge a minimal premium for the policy offered.
The OpenDeFi-Uno Re partnership will allow investors to stake in Uno Re’s risk pools and gain big benefits, while enjoying an additional layer of protection.
“We’re excited to be collaborating with such a ground-breaking approach to insurance products in the DeFi space. Uno Re is well aware of the importance of decentralized reinsurance in the financial industry, and we’re honoured that they’ve chosen OpenDeFi to provide their users with real-world asset services. We’re excited to collaborate with them on the development of this space.”
— Tarusha Mittal, Co-Founder at OpenDeFi
“We are thrilled to be partnering with OpenDefi, a one of its kind platform in the DeFi space. With this integration, we aim to help OpenDefi users and investors in the best way possible and ensure utmost reliability within the crypto space.”
–Jaskanwar Singh, CEO, and Co-Founder of Uno RE
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