- Nexus Mutual has started offering insurance for holdings on custodial exchanges.
- The first insurance taker paid 0.64% of the coverage amount to insure almost 100.000 USD for 90 days on Kraken.
- DeFi is moving closer towards real underwriting by managing risks.
Nexus Mutual has finalized the first-ever DeFi insurance contract for a centralized exchange over an insurance amount of almost 100.000 USD.
First ever cover purchase on a Centralised Exchange.
We're just getting started. https://t.co/vbQ8BxnFOd
— Nexus Mutual 🐢 (@NexusMutual) February 3, 2021
First DeFi Insurance for Custodians
While many custodial crypto services such as exchanges and CeFi companies insure themselves against hacks and other damage events, Nexus Mutual is the first DeFi protocol to offer the same features to exchange users. Offering already 63 insurance pools for smart contracts, 10 more pools for custodial exchanges, and CeFi services have been opened.
Nexus Mutual users can now buy insurance contracts for their holdings on Binance, Coinbase, Kraken, Gemini, Celsius, BlockFi, Nexo, inLock, Ledn, and Hodlnaut.
Important Step Towards Real Underwriting