Public Mint to Launch Earn App With Risk Coverage From Bridge Mutual
Tokenized fiat DeFi project Public Mint has partnered with risk coverage provider Bridge Mutual to increase risk insurance on its upcoming fiat-crypto platform.
Public Mint Earn is a decentralized fiat liquidity app where users can claim returns in U.S dollars in return for their staking participation. Users who stake the blockchain’s native MINT token accumulate extra value, also payable in USD and other fiat currencies.
Bridge Mutual aims to mitigate financial risk when executing trades by incentivizing the creation of discretionary pools that yield returns for users who fund them. When executing a trade, a user can purchase coverage to cover for the possibility of unwanted price movements. Once the trade goes through successfully, the coverage is paid back, minus the small fees used to incentivize coverage providers.
Public Mint Allocates 10% to Bridge Mutual Pools
Public Mint Earn is allocating 10% of its total value locked (TVL) to insure the funds moving through its platform. A portion of this allocation will be placed in the specific Earn pool on Bridge Mutual.
The allocation will add further protection to Public Mint’s users by providing decentralized, community-governed coverage not only against price drops, but also hacks, exploits and any of the unexpected bugs that can befall DeFi platforms. By adding to Bridge Mutual’s coverage pools, Public Mint will essentially act as a liquidity provider for risk insurance on the platform.
CEO of Public Mint, Paulo Rodrigues, said that working in conjunction with Bridge Mutual’s specialized coverage pools would add resilience to market conditions.
“As a service targeted to any kind of user, regardless of its blockchain skill levels, it’s crucial that the Earn Program enables the conditions to provide protection against the loss of funds. Bridge Mutual makes it easy for us to deliver built-in resilience to market conditions, and we believe this will give people an added incentive to join and start earning fiat with peace of mind.”
CEO of Bridge Mutual, Mike Miglio, commended Public Mint for putting its money where its mouth is when it comes to providing built-in insurance for its customer base. Miglio said:
“Crypto service providers have a responsibility to help protect their customers against exploits, and we commend Public Mint for taking this seriously by offering built-in digital asset coverage on their new Earn platform.”
MINT Token Gains Traction
Public Mint launched in 2020 after two years of development, and provides a decentralized platform for the tokenization of fiat currencies. Public Mint is built on the Polkadot platform, circumventing the unwieldy transaction fees plaguing long-standing defi platform, Ethereum. It allows for the staking of assets in return for passive income among a plethora of defi applications. The MINT/ETH liquidity pool on Uniswap launched at the start of March, and the value of the MINT token summarily doubled that same month.
The launch of its Earn program is anticipated to open another floodgate into DeFi, by ensuring user payouts in the form of fiat currencies.