PANews reported on October 29, according to CoinDesk, that the decentralized insurance platform Nexus Mutual supports a new crypto insurance brokerage, Native, which has secured $2.6 million in seed funding led by Nexus Mutual. Native will provide $20 million of on-chain insurance for each risk and operate a capital pool on Nexus Mutual to enhance the industry's insurance capacity. Native CEO Ben Davies stated that this move aims to address the long-standing issue of insufficient insurance in the crypto industry and to promote growth in the sector.
In addition, Nexus Mutual has launched an insurance product called Base DeFi Pass, which provides unified coverage for mainstream protocols such as Uniswap, Compound, and Morpho through Coinbase's Layer 2 network, Base. This product was developed by OpenCover and covers risks such as smart contract vulnerabilities and hacker attacks. OpenCover CEO Jeremiah Smith pointed out that the Base DeFi Pass simplifies the insurance purchasing process, making it suitable for users with 'set it and forget it' insurance needs.
