What is BRIGHTUNION?
Founded in 2021 by Kiril Ivanov, BRIGHTUNION 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. BRIGHTUNION 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, BRIGHTUNION 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.