Nexus Mutual, a mutual decentralized insurance platform, expands beyond Ethereum and adds support for other smart contract blockchains – Polkadot, Cosmos, and BSC.
Nexus is meeting the growing demand for insurance from DeFi industry players with Protocol Cover, according to the project’s developers. The company will now cover the aftermath of incidents on other popular networks – Polkadot, Cosmos, and Binance Smart Chain (BSC).
Nexus is also expanding its list of covered events. In addition to hacking smart contracts, insurance now extends to attacks on oracles as well as management disruptions.
The Nexus expansion plan is not tied to specific blockchains, but to projects. For example, SushiSwap operates on multiple blockchains, and all versions of the project will be covered by the insurance service. Nexus CEO Hugh Karp said in an interview:
“We will add specific protocols as they become available. Some of them will work in multiple blockchains – we will update the platform to provide insurance support to projects that operate in different networks. ”
The startup Nexus Mutual was launched in 2018 to implement a mutual insurance model in the blockchain industry. At the beginning of the year, the company launched an insurance service for users of centralized exchanges. Karp said:
“The DeFi industry has expanded significantly, creating new risks, and we have updated the product to expand our reach and satisfy everyone. Compared to the mainstream insurance industry, DeFi has these fast loops and feedback loops where everyone learns and adapts very quickly. It’s incredibly powerful. “
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