UNION announced partnership with API3

UNION announced on Wednesday July 14, through its Twitter account, its new partnership with API3, to integrate a set of products and services for users in both communities.

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Image about UNION’s Twitter post

“UNION is pleased to announce our partnership with API3, the decentralized API and the Oracle platform for Web3, to provide various integrations and services to users in both communities”, he said in an article published on the Medium platform.

Michael Beck, UNION project leader, commented that “API3 is an exciting project, with a strong community and a talented team. We are excited to work with them to provide protection products that take advantage of their unique architecture and data access. As partnerships in the traditional and DeFi protection verticals continue to be our focus, we know that the API3 team will prove to be an invaluable partner”.

The company explained that API3 brings traditional API services to the blockchain through decentralized data sources and a network of first-party oracles run by the API provider, eliminating third-party intermediaries.

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Additionally, he noted that the API3 platform is governed by DAO, insures against data feed failures, and supports cross-chain data referrals for a growing cross-chain DeFi ecosystem. API3 has integrations of its API web3 gateway, Airnode, in the works with some of the leading protocols in DeFi, including Matic, Kleros, Fantom, and Harmony.

“UNION will incorporate the API3 Oracle feeders into its platform so that policy and product writers can leverage secure, accurate and diverse data for UNION’s suite of products. API3 data will be piped into U-CDS, allowing UNION to leverage API3 architecture to ingest and distribute data from a single source within a decentralized framework, making U-CDS reference data more robust and diverse”, he added.

In addition, he highlighted that UNION would work with API3 to offer policies on applications based on event data, jointly market products and share profits. U-CDS protection offerings will also extend to API3 smart contracts, data and Oracle risks, allowing API3 users to purchase convex and negative protection on their Oracle provider network in the event of various exploits to affordable prices. Event data associated with claims and payments will also be shared with API3 to ensure clarity around the mechanics and usage of coverage groups.

“UNION is one of the few projects in the crypto / blockchain space that thinks deeply about both the decentralization of off-chain insurance products and the provision of much-needed insurance for on-chain protocols. We are very excited to partner with them and continue to create systems that help users mitigate risks”, said Sasa Milic, co-founder of API3.

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