Orion Money recently entered into a collaboration with Mirror Protocol and Anchor Protocol. Now, the cross-chain stablecoin bank is entering a strategic partnership with InsurAce.io. With this collaboration, Orion Money will offer its first DeFi insurance to Orion Money holders.
Orion Money aims to become a seamless stablecoin bank, offering premium services for stablecoin lending, spending, and saving. Its recent partnerships with promising ventures show Orion’s dedication to its goal.
The protocol allows users to deposit stablecoins with Orion Money and earn up to 20% yield in APY. Orion Money generates the returns by depositing stablecoins with EthAnchor. The anchor turns stablecoins to UST and then converts the EthAnchor deposits UST into Anchor on Terra.
After the collaboration, InsurAce.io is listing Orion Money on app.insurace.io to secure the deposits under the custody of Orion Money. In addition, it will eliminate smart contract weaknesses. This shows Orion Money’s intent to protect its users.
Vol Pigrukh (Orion Money’s core contributor) stated that securing user funds is pivotal for Orion Money. That is why the stablecoin bank is collaborating with InsurAce.io, the insurance provider for Mirror and Anchor Protocols. As a result, users can now get the highest yield on stablecoins at a mere 2.6% additional yearly cost. Orion Money is excited to offer a high yield to ETH stablecoins holders.
InsurAce.io has given a 4-star rating to Orion Money on its platform for a yearly premium price of 2.6% and an initial capacity of 6 million dollars.
Oliver Xie, InsurAce.io’s Founder, talked about the development. Oliver stated that the InsurAce.io team is delighted to add more protocols from Terra to its dApp. The community has supported the previous projects, and the venture is sure that Orion Money will add to its success. The team looks forward to working with the stablecoin bank to develop a secure DeFi ecosystem for everyone.
The collaboration will see Orion Money promoting insurance schemes offered by InsurAce.io using a pop-up box. In addition, it will redirect users to InsurAce.io, where they can buy insurance directly.