Bright Union partnering with Armor.fi to offer their new ‘premium free’ coverage products
We are thrilled to announce our partnership with Armor.fi, a smart insurance-alternative for DeFi assets. Armor.fi is one of the leading players in DeFi coverage with an impressive TVL of $456m. By the end of Q1 they will have released their innovative Reciprocally-Covered Assets coverage (RCA). Adding the RCA product to the set of products we compare, will give DeFi investors more choice: Pay an upfront fee or deposit your capital, and pay only when a hack occurs.
Reciprocally-Covered Assets (RCA)
With Reciprocally-Covered Assets, or RCA coverage everyone is covering each other with no fees being paid and no capital in reserve. Payments are only made when a loss occurs in one of the vaults of the ecosystem, at which point a small percentage of every vault is liquidated to compensate for the affected vault. This method will be able to cover the TVL of the entire industry without locking away too much “idle” capital for the rare case hacks take place.
“Since January 2021, DeFi went from ~$18B TVL to almost ~$200B TVL today. With this expansion comes expanded risk exposure and an expanded field of protocols offering risk coverage. As that Coverage ecosystem grows, it will become increasingly harder for a user to properly DYOR and find an option that suits their needs. Aggregators such as Bright Union are integral in removing this barrier. Bright Union is an important asset in providing a gateway for users to a wide range of coverage options. We are excited to join their list of partners and take the next step in allowing investors to safely navigate DeFi.” — Robert Forster, CEO at ArmorFi
We are confident our users will see value in this DeFi native solution.
“DeFi coverage is not only a growing segment, it’s also innovating at a rapid pace! On a macro level the new RCA product is the most capital efficient coverage solution out there today, since no fees are paid to anyone and the risks are equally shared across everyone” — Steven Gillis, Product Lead at Bright Union.
About Armor Finance
Armor makes investing in DeFi as safe as possible with crypto-native, dynamic smart coverage aggregation. As a decentralized smart brokerage, Armor’s innovations provide on-demand, real-time coverage and non-custodial security solutions for user assets.
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 developed the Bright Risk Index, the easiest, safest, and most diversified way to act as an “insurer” in the DeFi cover industry while earning attractive returns. Be bright and take advantage of DeFi’s exponential growth.
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