Bridge Mutual is a permissionless, distributed, and DAO-managed discretionary risk coverage application. It aims to cover stablecoins, centralized exchanges, smart contracts, and other related services. 

With Bridge Mutual (BMI), you can buy coverage for your funds, back coverage in return for interest and yield, participate in votes on insurance claims and payout amounts, and earn rewards for reviewing claims while helping strengthen the ecosystem. 

A key distinction of Bridge Mutual versus other decentralized insurance projects is that it does not impose any KYC (Know Your Customer) requirements. Access to the platform’s services is available to anyone, regardless of where they live. 

The system uses multiple token types, with the BMI token serving as Bridge Mutual’s native utility coin. Additional tokens on the platform include stkBMI, vBMI, and bmiDAIx. Anyone can buy and transfer their BMI to the BMI Staking Contract. When a user deposits BMI into the BMI Staking Contract, they receive newly minted stkBMI tokens that represent their participation in the staking arrangement.

How Does Bridge Mutual (BMI) Work?

Bridge Mutual [BMI] is a blockchain-based platform providing decentralized insurance to all participants, without blocking any jurisdiction. Using distributed ledger technology, Bridge Mutual allows anyone to buy and sell coverage, submit policy claims, and receive compensation after a claim is approved.  

Bridge Mutual supports insurance purchases covering smart contracts, exchanges, and stablecoins. It is the first platform focused on stablecoin coverage designed to help protect members against market price declines. 

The platform also encourages users to offer coverage and earn rewards for doing so. To cover an asset, a user locks their BMI as collateral-meaning they may lose some or all of the deposited BMI if an insurable-event claim they submitted is approved. As compensation for taking on this risk, the user is paid in BMI tokens. If you plan to hold BMI, note that BMI’s market price can fluctuate, with potential sharp downturns following periods of strong gains.

What are the Key Features of Bridge Mutual (BMI)?

Discretionary insurance requests. Bridge Mutual provides a decentralized insurance-like interface where participants can insure one another. Users can browse the platform, find other users offering the insurance type they need, and choose a suitable price. This reduces the hassle of contacting multiple brokers at once just to locate coverage that fits your requirements.

Open visibility for claims. When a claim is submitted, it is recorded on the blockchain, where the public can view and assess it. The same principle applies to users’ investment funds. Using blockchain helps build trust and supports the prevention of fraud.

Claims voting. In traditional insurance, a claim is reviewed internally and the underwriter decides. On Bridge Mutual, claims go through a three-stage voting process. Rewards and penalties are assigned at each step to promote effective and impartial voting. This significantly lowers the chances of fraudulent claims being approved or rejected improperly.

Smart Contracts. Platform activity is handled through smart contracts. This means approved-claim payouts, premium assignment, and other platform transactions run automatically via smart contracts. Automating these steps helps prevent late or missed payments caused by human mistakes and supports confidence among platform users. The platform’s smart contracts are audited by Consensys Diligence and Zokyo.

Where to Buy Bridge Mutual (BMI)?

BMI is a widely used ERC20 token, so it is available on many crypto exchanges, including Uniswap, Gate.io, Bitfinex, Hotbit, and Decoin. These exchanges show the current BMI market price so you can make an informed decision when buying. 

Where to Store BMI?

At the moment, BMI tokens are supported by various EMV-compatible wallets, such as Trust Wallet and MetaMask.

How to Get BMI Tokens?

The platform provides multiple ways to earn BMI tokes: