Umbrella Network Announces Partnership 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.
“We are delighted to partner with Uno Re, the first of its kind reinsurance risk trading platform. We believe that in a decentralized and risk-driven financial ecosystem, there is a need for platforms such as Uno Re and with significant market potential. Risk coverage for crypto-assets is still a nascent industry and we are excited to be early adopters in the ecosystem,”
said Sam Kim, Senior Advisor at Umbrella Network.
“Uno Re is thrilled to be partnering with Umbrella Network, a decentralized project with significant competitive advantages like low cost and scalability. Together, both teams will get accessibility to a wider community, We are elated to be offering them with a comprehensive cover to protect their staking vaults.”
said Jaskanwar Singh, CEO and Co-founder of Uno Re.
For more information, please write to socials@umb.network.
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.
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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.
Learn more about Uno Re
