Expanding on our recent partnership with Anchor Protocol and Mirror Protocol on Terra, InsurAce.io is delighted to announce a new partnership with Orion Money, offering the first DeFi insurance available for Orion Money users.
Orion Money’s vision is to be a cross-chain stablecoins bank and the best place in DeFi for stablecoin saving, lending, and spending.
Users deposit their stablecoins with Orion Money, from which they can earn up to 20% APY. These returns are generated by Orion Money depositing stablecoins with EthAnchor. The EthAnchor converts stablecoins to UST, and in turn the EthAnchor deposits UST to Anchor on Terra.
InsurAce.io has listed Orion Money on app.insurace.io to protect these deposits held by Orion Money users against smart contract vulnerabilities. Offering insurance to their users exemplifies Orion Money’s dedication to security and protecting their users.
“Safety of our users’ funds is very important for us at Orion Money and this is why we partnered with Insure Ace — chosen insurance provider for Anchor and Mirror protocols. For extra 2.6% yearly cost Orion Money users can get the highest stablecoins yield in an easy and insured way. We look forward to providing Ethereum stablecoins holders with high fixed yield on their native chain and in native stablecoins.” Vol Pigrukh, core-contributor Orion Money.
InsurAce.io has listed Orion Money with a 4-star security rating, an annual premium price of 2.6%, and has an initial capacity of $6m USD.
We’re thrilled to be adding more protocols from the Terra ecosystem onto the InsurAce.io dApp. The community has been so supportive of previous projects we have listed and we are certain Orion Money will be a tremendous success also. We look forward to working closely with the team to build a safer DeFi for everyone.” Oliver Xie, Founder of InsurAce.io
Orion Money will be helping its users to purchase insurance with InsurAce.io by adding a pop-up box at the time of interaction with the protocol to allow for a simple click through to the InsurAce.io dApp, where the user can purchase insurance. A user guide for this process can be found by clicking here.
About Orion Money
Orion Money’s vision is to become a cross-chain stablecoin bank providing seamless and frictionless stablecoin saving, lending, and spending. Within the Orion Money stablecoin bank, we have three main products planned — Orion Saver, Orion Yield and Insurance, and Orion Pay.
Orion Money is capitalizing on a significant untapped opportunity in the stablecoin savings market. The majority of stablecoin savings solutions currently offer unappealing and unpredictable yields. Additionally, they are often siloed within their individual blockchains. Interoperability will be at the heart of Orion Money, and it will bridge these gaps by providing solutions that other stablecoin savings protocols have yet to offer.
Orion Money are extremely excited to introduce their first product, Orion Saver. Orion Saver is a cross-chain savings dApp that will provide one of the highest and most stable yields for your stablecoins, regardless of which blockchain you are on.
Their next product, Orion Yield and Insurance, will provide additional high-yield and insured products, bringing even more value to Orion stakers and the Orion Money depositors.
InsurAce.io Protocol is a Singapore based DeFi Insurance protocol that has quickly become the second-largest protocol in DeFi insurance. The INSUR token was released in February 2021 and has a circulating supply of 11 million INSUR tokens. There is a maximum release of 100 million INSUR Tokens which can be mined through staking on the protocol.
InsurAce.io is a decentralized insurance protocol, to empower the risk protection infrastructure for the DeFi community. InsurAce.io offers portfolio-based insurance products with optimized pricing models to substantially lower the cost; launches insurance investment functions with SCR mining programs to create sustainable returns for the participants, and provide coverage for cross-chain DeFi projects to benefit the whole ecosystem.
The project lead for InsurAce is Oliver Xie. Oliver started to work on InsurAce project since September 2020, and prior to that he worked as the CTO in one of the three largest Singapore-based licensed derivative Exchanges and Clearing Houses. Oliver entered the crypto space back in 2017 where he led a team to research crypto derivatives and blockchain technology and has gravitated towards blockchain-based Open Finance for the past few years.
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