Chris: Hi! Can you introduce yourself and what you do in BridgeMutual.io?
Abhi: I am Abhi, the Partnership and Marketing Lead at Bridge Mutual. I am responsible for building and nurturing relationships with partners, as well as promoting Bridge Mutual's offerings and services. My role helps drive growth and visibility for the platform.
Chris: Great! Now talking of your amazing project — Bridge Mutual V2. What does it do exactly?
Abhi: Bridge Mutual is a decentralized coverage platform that lets users purchase or underwrite insurance for crypto assets, decentralized protocols, and various centralized services. Users can protect their crypto portfolios from hacks, bugs, exploits, and rug pulls, or earn high yields on stablecoins as insurance underwriters.
Chris: I see, and what are the primary features the users can enjoy?
Abhi: Bridge Mutual is a permissionless, decentralized, and DAO-managed discretionary risk coverage platform that provides coverage options for smart contracts, stablecoins, centralized exchanges, and other DeFi-related services. Users can purchase coverage for their funds, provide liquidity for coverage pools, and receive profits and yield. The platform includes a voting system for policy claims and their payouts, and compensation for fair claims assessment. Users can also create and provide liquidity for coverage pools for any smart contract, exchange, or listed service. Coverage for stablecoins protects against de-pegging from its pair, usually the U.S. dollar. The platform has the potential to consist of thousands of coverage pools for every platform, exchange, and stablecoin in the industry.
Chris: How long have you been operational? What the growth trajectory looks like? Is there a high demand for this type of product?
Abhi: Bridge Mutual has been in business for two years. We’ve grown and shrunk with the economy, but we have a solid, dedicated crew of fifteen employees—a healthy mix of developers, mathematicians, product designers and a small marketing team.
We are constantly striving to improve and enhance our offerings, and our upcoming overhaul of the entire protocol is a testament to that. Our vision is to be the leading, permissionless, decentralized insurance platform that enables anyone to insure anything they desire. Our new features will set us apart from competitors and allow us to revolutionize the industry.
Chris: Cool. You have an App also — is it easy to start using it or requires some time to learn the ropes?
Abhi: Our user-friendly naming convention is one of the many features that set us apart from other similar applications. We believe that clear and intuitive labelling of features enhances the user experience. Our users can easily locate the “Buy Policy” section to purchase policies or the “Coverage Providing” section to become a coverage provider. Users can activate our onboarding feature anytime to guide themselves through some of the more complex terms and processes. This feature provides step-by-step explanations and helps ensure a seamless transition to using our app.
Chris: How big is your community and how important is it for you? Why?
Abhi: Over the past two years, Bridge Mutual has grown its community to over 55,000 members across Twitter, Discord, and Telegram. Our supporters and members are crucial to our success as we strive to build a product that is made by the people and for the people. The goal is to bring together individuals with similar beliefs to create a decentralized, permissionless, and scalable insurance infrastructure.
Chris: What do you think about the current state of the market?
Abhi: The crypto industry continues to face challenges. The collapse of FTX has led to the bankruptcy of crypto lender Genesis and the Biden administration, pushing for stricter crypto regulation. Former Alameda Research execs have pleaded guilty in the FTX case. Companies like Coinbase and Crypto.com are cutting jobs and celebrities endorsing NFTs are facing lawsuits.
However, the cryptocurrency market in January 2023 saw a surge in prices, with Bitcoin (BTC) rising over 37% to close the month above $22,900 and Ethereum (ETH) prices increasing by 30% to $1,577. This was a much-needed relief for crypto investors after 2022 saw Bitcoin and Ethereum record their worst annual performances since 2018.
While the crypto market has recently experienced some setbacks, I am optimistic about its long-term potential. Stronger and more committed builders of the industry will emerge, creating opportunities for Bridge Mutual and others who are eager to shape our sector as it moves towards wider adoption and maturity.
Chris: Thanks. In the end — what’s next for Bridge Mutual?
Abhi: Bridge Mutual currently offers a system that allows its users to buy and sell insurance with other users. Our current offering includes essential insurance products such as smart contract and stablecoin insurance, but we have much more in store. In the near future, we will be overhauling our protocol and releasing news on new features that will set us apart from competitors. We will be a permissionless, decentralized insurance platform that anyone can use to insure anything they can think of.
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, share profit, and get compensated for adjudicating claims.
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