What is Bright Union?
Bright Union is a cryptocurrency insurance aggregator that helps users find the best insurance coverage for their specific needs.
Founded in 2021 by Kiril Ivanov, Bright Union is a platform whose mission is to make risk markets work for the DeFi space. They are a collection of experts in crypto, technology and insurance ready to bring web3.0 to the insurance industry.
The platform matches the supply and demand of crypto coverage and facilitates easy, fast and transparent transactions on multiple decentralized risk platforms.
Smart contract coverages now protect holders of crypto against exploits based on bugs in the code. Due to the public and transparent nature of the blockchain, anyone in the community can provide risk coverages, not only insurance companies.
The swift rise of multiple parties offering these new and complex products provides an opportunity for a single platform to aggregate and match supply and demand. As an aggregator, Bright Union will be uniquely placed to offer structured products which provide more diversified investment opportunities. Bright Union covers over 178 protocols.
Protocol hack & failure covers protects its users against events like hacks, rug pulls and 51% attacks when using or investing in protocols, such as Uniswap, compound, or Ocean protocol. This type of event is the most prevalent, and shielding against this type of risk is most popular by far. Custodians protect users' exchanges or wallets against unforeseen events like hacks or bankruptcies or when you entrust a large amount of your funds with a third party wallet or exchange.
Additionally, Bright Union protects against the event when a stablecoin loses its promised link to underlying fiat currency. With stablecoin de-pegging, users can claim if a stablecoin drops beneath its peg within a set period. If it drops below the peg, the difference will likely be paid in another stable coin like DAI.
What problem does Bright Union solve?
Web3 is - sadly - full of liabilities.
Be it phishing scams, code errors in smart contracts, hacks, or simple de-pegging of stable coins there are plenty of ways the average investor and holder can lose money in the space.
Thankfully, there are also a huge number of insurance providers our there who have sprung up to help crypto investors secure their assets against different forms of attacks and problems.
The problem is in finding the right insurance provider for your specific needs.
Some have better coverage for a certain type of issue. And as we're in a wild time with Web3, you should really make sure your assets are secured as completely as possible.
This is where Bright Union helps out.
They claim to connect 95% of the crypto insurance providers in the space and help you find the best fit for your needs.
If you're looking for great crypto insurance, using an aggregator like Bright Union to find the best fit should be your first stop.
Is Bright Union legit?
As it's just a aggregator, we believe Bright Union to be legit and safe.
They do due diligence on their insurance providers as well, so their recommendations should be able to be trusted.
However, this is not financial advice and we are not endorsing them over any other parties. Be sure to do your own due diligence when choosing who to trust with your funds.
Bright Union contact details
You can contact the Bright Union team through their site or through one of the below channels.
