BlockBank chooses Bright Union as their partner for DeFi insurance
Blockbank — a traditional mobile banking experience with seamless crypto integration, recently released the new beta version of their 2.0 app, and it’s looking highly promising! Soon the border between Centralized Finance and Decentralized finance will disappear. It will be a single app where you can buy/sell crypto, stake in Defi, pay with a debit card and much much more. To really become a one-stop-shop for DeFi & CeFi one component was missing: decentralized insurance.
As part of the customer journey, embedded insurance provides the perfect opportunity to offer relevant coverage exactly when customers are most likely to perceive its value. For BlockBank, insurance can become a feature of a product rather than something that is bought separately — Kelghe D’Cruz — CEO, Block
Access DeFi insurance straight from your custodian wallet
Powered by Bright Union the BlockBank app will now offer its users access to insurance products from all the major players in the industry: Nexus Mutual, Bridge Mutual and Insurance, at the best prices. BlockBank is the first multi-protocol utility wallet that is offering insurance coverage to its users for over 150 DeFi protocols.
Towards seamless in-app insurance
Currently BlockBank utilizes an in-app browser to allow their users to buy insurance using their DeFi wallet. Often the costs of insurance starts at 1,8% (of insured assets) per year. In the future there will be a customer journey integration where insurance is made available right at the moment where users invest in their favorite DeFi products. Bright Union’s SDK — a javascript library for techies — will allow any party to integrate DeFi insurance into their app with just three lines of code.
Embedded Insurance is a hot topic in centralized FinTech and InsurTech. Put simply, embedded insurance is the bundling of insurance coverage or protections within the purchase of a third-party product or service as part of the customer journey. InsTech London foresees the embedded insurance market to grow to $722bn by 2030 — more than six times its current size. Just like in TradFi, we expect DeFi embedded insurance to grow exponentially and Bright Union, as an aggregator, is perfectly positioned to provide the infrastructure (Bright SDK) for embedded insurance for all throughout the DeFi space — Kiril Ivanov, Technical Lead, Bright Union.
Aiming is to make DeFi a safer space, Bright Union — the 1Inch for decentralized insurance developed a SDK (software development kit) to make it easy for custodians and DeFi protocols like BlockBank to fully integrate with the biggest names in DeFi coverage (Nexus Mutual, Bridge Mutual and InsurAce), making it a no-brainer for DeFi investors to protect their digital assets. Blockbank is the second of many embedded insurance partnerships on the Bright Union roadmap.
About BlockBank
BlockBank is developing an AI-powered, traditional mobile banking experience with seamless crypto integration.
BlockBank’s vision is to create an all-in-one crypto application that simplifies the user experience without compromising security, privacy, or decentralization. We aim to combine the best of DeFi and CeFi worlds in one place, incorporating patented AI technology to bring financial empowerment to clients.
Telegram — https://t.me/BlockBankApp
Twitter — www.twitter.com/BlockBankapp
Facebook — https://www.facebook.com/blockbank
Instagram — https://www.instagram.com/blockbankapp/
LinkedIn — https://www.linkedin.com/company/blockbankapp
Blog — https://blog.blockbank.ai/
About Bright Union
Bright Union is the world-leading multi-chain decentralized finance cover marketplace. Our mission is to safeguard your digital assets from hacks, smart contract failures, and rug pulls by empowering the crypto community to cover one another in a decentralized and permissionless manner.
Bright Union provides the most comprehensive range of crypto insurance on the market at competitive prices. Furthermore, Bright Union will soon release its unique suite of cutting-edge risk solutions, providing investors with outstanding investment and coverage opportunities. Be bright and take advantage of DeFi’s exponential growth.
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