DeFi Cover Provider Nexus Mutual Backs New Crypto Insurance Broker Native

Decentralized finance (DeFi) cover provider Nexus Mutual has thrown its support behind a new crypto insurance broker called Native. The broker has launched with $2.6 million in seed funding, led by Nexus Mutual, and will initially offer $20 million of on-chain cover per risk. The collaboration with Nexus Mutual will allow Native to tap into the mutual’s $200 million capital pool, giving clients the ability to pay in crypto and be paid in crypto in the event of a claim. Native aims to address the chronic underinsurance problem in the crypto industry and help bridge the gap between businesses and insurance capacity. Additionally, Nexus Mutual’s insurance alternative, Base DeFi Pass, created by OpenCover, is now available for users of the main protocols on Coinbase’s layer 2 network. Base DeFi Pass provides coverage for risks such as smart contract code bugs, exploits, and hacks across a range of applications on Base. This collaboration aims to instill confidence in users and make them feel more secure when participating in the open DeFi ecosystem.