Bright Union is excited to announce that they have been accepted into the 1st DeFi Base Camp Cohort, a fast-paced and intensive 12 week accelerator programme, after a rigorous selection process with close to 300 applications!
Dubbed the Y-combinator of the Metaverse, Outlier Ventures (OV) is the world’s leading Web3 accelerator and has accelerated over 100+ Web3 startups since 2014 and helped accelerate the ecosystems of some of the leading chains and protocols (e.g. Boson protocol and Biconomy).
Bright Union, Outlier Ventures and New Order will lay the foundation for Bright Union as the 1-inch for Web3 insurance. Alongside mentoring, Bright Union will receive $100k in funding from Outlier Ventures, the industry’s leading Web3 accelerator and New Order DAO.
Base Camp Web3 Accelerator
Outlier Ventures partnered with New Order, a community-driven DAO incubator for innovative DeFi projects to launch a dedicated DeFi accelerator. OV has an extensive track record of helping their portfolio companies raise more than $300 million in funding since they were founded in 2014.
“The DeFi space has witnessed explosive growth since the DeFi summer of 2020, and remains one of the most rapidly evolving sectors in Web3. DeFi is the leading lady of the crypto ecosystem and we will keep fast-tracking great teams in this space.”- Abdalla AlMajali, Programme Manager Outlier Ventures
With access to an expansive network of top DeFi founders, token experts, product gurus and esteemed investors — dubbed ‘the Outliers’ — Bright Union will be challenged more than ever before to push the boundaries of DeFi Insurance. Notable members of the ‘Outliers’ include co-founder of The Sandbox, Sebastian Borget; branding guru, Shaun Neff; and musician and NFT collector, Snoop Dogg.
While it is unlikely that Snoop Dogg will be having too much input into the strategic direction of Bright Union; we are excited to be given a stamp of approval to join such an exclusive network by Outlier Ventures and New Order.
What does this mean for Bright Union and the Community
A specific focus area for the Bright Team during this programme is to refine what the Bright token represents and how it can be better utilised within the ecosystem to reward those who best contribute to the success of DeFi Insurance.
Another focus area during the programme is developing partnerships with top protocols to integrate the Bright SDK. In just three lines of code it is possible for any protocol to offer their users embedded insurance tailored to their personal investment strategy.
“The opportunities that Outlier Ventures and New Order will bring to Bright Union will last significantly longer than the 12 weeks of the programme. We see this as the beginning of the next phase for Bright Union — becoming the 1-inch for Web3 Insurance” — Chris, operational lead at Bright Union.
Web3 and the Metaverse — a trillion dollar opportunity
With a particular focus on the Metaverse, Outlier Ventures is keen to explore how Insurance could be applied to the emerging world of Metaverse Finance (MetaFi), an area which Jamie Burke, CEO of Outlier Ventures, predicts will drive the majority of growth within DeFi.
The metaverse will bring a whole new world of opportunity to users but also a new range of risks, some of which we can’t even imagine at this point. As the space develops, Bright Union predicts that the risks of hacks and smart contract failures will continue to exist; but also others related to digital ownership and NFTs.
Terminology around this rapidly evolving sector is continually changing. It seems now that some are considering the Metaverse and Web3 to be one and the same — a digital world fundamentally based on blockchain technology. Whatever name ends up sticking, Bright Union will be at the forefront of insurance solutions for this market which is predicted to grow to around $8 trillion.
About Outlier Ventures
Outlier Ventures has been backing Web 3 founders since 2014 and is the world’s leading Open Metaverse accelerator program, and was one of the first VC firms dedicated to investing in the emerging crypto ecosystem. Their portfolio includes notable projects across DeFi, NFTs and blockchain infrastructure with a focus on emergent Open Metaverse use cases such as NFT-based play-to-earn games, augmented reality and more. Outlier Ventures portfolio can be found here.
🗞️ Read Outlier Ventures announcement for the cohort
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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