• Latest
DeFi Insurer Nexus Mutual Raises $2.7M in NXM Token Sale

DeFi Insurer Nexus Mutual Raises $2.7M in NXM Token Sale

Februar 16, 2021
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Ethereum

DeFi Insurer Nexus Mutual Raises $2.7M in NXM Token Sale

coinnewsdaily by coinnewsdaily
Februar 16, 2021
in Ethereum
0
DeFi Insurer Nexus Mutual Raises $2.7M in NXM Token Sale
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Decentralized insurance alternative Nexus Mutual received a $2.7 million boost to its foundation treasury, the not-for-profit umbrella organization charged with selling NXM tokens to fund core development of the protocol.

The strategic contribution was led by Collider Ventures with participation from Nick Tomaino’s 1confirmation, Blockchain Capital, Version One, Dialectic, 1kx and several angel investors.

Related articles

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

Mai 24, 2022
Core Ethereum developer details changes to expect after the Merge

Core Ethereum developer details changes to expect after the Merge

Mai 24, 2022

Nexus started out focused on providing protection against risk and potential bugs in the smart contract code of decentralized finance (DeFi) projects. Recently, the startup announced it was extending its community-based offering to cover users for hacks and losses incurred at centralized exchanges like Coinbase, Binance, Kraken and Gemini.

The Nexus foundation previously raised $1.4 million from an NXM token issuance in 2018, bringing the total raised to date to $4.1 million. 

When the early token sales took place, NXM was acquired by investors at around $2 per token. Since then DeFi has grown so rapidly with over $40 billion locked up in projects; NXM is currently trading at around $68, according to CoinGecko. 

NXM is the governance token for the Nexus Mutual protocol. It is used to buy cover, vote on governance decisions and participate in risk and claims assessments. It is also used to encourage capital provision and represents ownership to the mutual’s capital.

“When Nexus launched, it granted a bunch of NXM tokens to our foundation, which has gradually sold them to cover operational costs,” Nexus Mutual CEO Hugh Karp said in an interview. “We expect to wind down the foundation as the protocol becomes more stable and fully decentralized.”

Karp said the $2.7 million token sale took place around December of last year, at the market value for NXM at that time, without stating the exact figure.

It has been a momentous year for Nexus. The platform saw its pool of capital covering risks within the DeFi ecosystem increase from $4 million to $100 million within the final five months of 2020. 

Nexus Mutual has a very aggressive roadmap for 2021, Karp said, aiming to sell over $1 billion worth of cover spread across at least 30 protocols.  

“We see Nexus Mutual as an indispensable pillar of DeFi … and decided to take a proactive approach to support the development of the platform,” Adam Benayoun, founding partner of Collider Ventures, said in a statement.

Credit: Source link

Tags: Adam BenayounBlockchain CapitalDeFiEthereuminsurance alternativeversion one
Share76Tweet48
Previous Post

Osprey Fund’s Bitcoin Trust Is Now Available to Retail Investors via OTC

Next Post

Coinbase Opens Waitlist for Ethereum 2.0 Staking

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Top 3 cryptocurrencies that are faring the best in the 2022 bear market
Alt Coin

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

Mai 24, 2022
Core Ethereum developer details changes to expect after the Merge
Ethereum

Core Ethereum developer details changes to expect after the Merge

Mai 24, 2022
fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher
Ethereum

fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

Mai 23, 2022
Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Alt Coin

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Mai 23, 2022
The Moon ‘created’ his lavish reality… and says you can, too
Ethereum

The Moon ‘created’ his lavish reality… and says you can, too

Mai 23, 2022
Layer-2 adoption could spur the next crypto turning point
Ethereum

Layer-2 adoption could spur the next crypto turning point

Mai 23, 2022
Load More
Next Post
Coinbase Opens Waitlist for Ethereum 2.0 Staking

Coinbase Opens Waitlist for Ethereum 2.0 Staking

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev