Umbrella Network Partnership with Uno Re

Published on: 06.08.2021

Through 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. Their 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)

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.

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.