PANews, October 29 - According to CoinDesk, decentralized insurance platform Nexus Mutual supports a new crypto insurance brokerage, Native, which has raised $2.6 million in a seed round 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 industry insurance capacity. Native CEO Ben Davies stated that this move aims to address the long-standing issue of insurance shortages in the crypto industry and promote growth in the sector.
In addition, Nexus Mutual has launched an insurance product called Base DeFi Pass, providing unified coverage for major protocols including Uniswap, Compound, and Morpho through Coinbase's Layer 2 network, Base. This product is developed by OpenCover and covers risks such as smart contract vulnerabilities and hacking attacks. OpenCover CEO Jeremiah Smith noted that the Base DeFi Pass simplifies the insurance purchasing process, suitable for users with a 'set it and forget it' insurance need.
