Umbrella Network Partners With Uno Re
Umbrella Network is excited to announce a partnership with Uno Re – the world’s first reinsurance risk trading platform, powered by Polkadot. With its digitized reinsurance services, Uno Re aims to establish itself as a simplified platform for trading risk in a transparent and decentralized manner.
With this partnership, Umbrella Network is looking to make staking and providing liquidity even safer and more worry-free for the community. Those staking tokens in Umbrella Network vaults will soon have the option to purchase risk coverage on their staked tokens. Our partner PolkaCover will be responsible for distribution and claim management, while UnoRe will undertake the risk management and underwriting.
Risk coverage under this partnership will include:
- Unintended confiscations of funds (essentially, third-party hacks)
- Losses arising due to unintended use of code (malicious activity by third-parties)
Thus, by simply supplying cryptographic evidence of material losses by the covered account, the account holder can file a claim and get reimbursed for their losses.
As Umbrella Network continues to grow its ecosystem, overall staking volumes have also grown, so it would benefit the community to be able to have an opportunity to purchase insurance coverage to manage potential risks against unforeseen events.
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, allowing for the batching of data to smart contracts accurately, securely, and inexpensively.
Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
About Uno Re
Uno Re is a reinsurance risk trading platform that allows insurers to minimize the risk of paying huge sums in claims by distributing the risk factor. It also allows developers to come up with innovative (crypto-based) insurance products, and hence creates and propels an insurtech ecosystem towards a new generation of risk-trading.
Source:
https://medium.com/umbrella-network/umbrella-network-announces-partnership-with-uno-re-d340ff454023
