Nexus Mutual Expands Insurance to Cover Binance Smart Chain and Polkadot Users

Nexus Mutual, a firm that provides insurance services in the decentralized finance (DeFi) space is extending its services to cover more blockchain networks.

Nexus Mutual To Protect Users From Smart Contract Risks In DeFi

The company announced that its newly launched Protocol cover was rolled out to meet the increasing demand of the decentralized finance (DeFi) sector.

Nexus Mutual would now cover mishaps and protect users from smart contract risks on popular smart contract networks including Binance Smart Chain, Polkadot, and Cosmos.

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In addition to protection against smart contract hacks, Nexus Mutual would also provide members with protection against attacks on oracles, severe economic attacks, governance failings, and so forth.

Hugh Karp, the founder of Nexus Mutual, commented on the importance of staying up to date with changes in DeFi and the evolution of new blockchains. He said that as risks in Defi continue to evolve, so also should protection and solutions for members.

Nexus Mutual was established to tackle the urgent need for additional cover in the DeFi space, which was burdened with hacks and vulnerabilities.

The platform is built on the Ethereum system and provides users with various insurance-based services powered by a large community of backers. ETH -1.07% Ethereum / USD ETHUSD $ 1,229.06
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Its native crypto asset, the NXM tokens, is used to buy cover, vote on governance decisions, and participate in risk and claims assessments.

Nexus Mutual Joining The Multi-Chain Trend

With the addition of networks with smart contract compatibility, Nexus is rapidly expanding its insurance covers to protect more users. The company revealed that its usage increased sharply this year.

In January, the company unveiled new insurance offerings for users of crypto exchanges like Coinbase, Binance, Kraken, and Gemini.

Before this, Nexus had only been focused on decentralized exchange (DEXs), specifically catering to the explosion of decentralized finance (DeFi), which were more susceptible to hacks and losses.

Beyond exchanges, Nexus is also active in the crypto lending space. The DeFi Protocol added support for centralized crypto interest-earning service, Hodlnaut.

This year, Nexus raised $2.7 million through NXM token sales to fund its operations and expansion plans. The funds were raised to boost Nexus foundation treasury, the not-for-profit organization charged with selling NXM tokens to fund core development of the protocol.

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