September 18, 2024, London, UK, Chainwire
This collaboration units a brand new commonplace in decentralized finance (DeFi) by shifting the dangers of blockchain transactions away from finish customers for the primary time.
OpenCover, a number one blockchain insurance coverage and insurance coverage alternate options platform backed by Coinbase (NASDAQ: ) Enterprise's Base Ecosystem Fund, NFX, Bounce, Alliance, Village International and Orange DAO, is happy to announce a strategic partnership with Request Finance and Nexus Mutual. The collaboration marks a historic milestone in decentralized finance (DeFi) and can present unparalleled safety to blockchain customers throughout a number of blockchain ecosystems, together with Arbitrum, Polygon, BNB, Optimism and others.
For the primary time, Request Finance's eligible transactions will likely be coated as much as $100,000, defending end-users from the principle technical, financial and safety dangers inherent in blockchain transactions, making on-chain finance safer and similar to transaction ensures in conventional monetary infrastructure.
Historically, the “your keys, your cash” slogan positioned the complete burden of blockchain dangers – oracle value feed errors, sensible contract bugs, stablecoin peg losses – instantly on the tip person.
OpenCover's new transaction protection, underwritten by Nexus Mutual, removes the danger of failure or surprising blockchain transaction outcomes from finish customers, who not solely profit from the identical transaction ensures generally present in conventional finance, but in addition profit from quicker settlement occasions, full transparency and considerably decrease charges by utilizing blockchain rails.
“For decentralized finance to be a trusted extension of conventional finance, blockchain transactions have to be as safe as they’re environment friendly,” mentioned Jeremiah Smith, co-founder and CEO of OpenCover. “This distinctive partnership with Request Finance and Nexus Mutual establishes a brand new commonplace, enabling blockchain customers to completely embrace self-custody and on-chain finance with out the draw back of transaction threat.”
This collaboration not solely strengthens OpenCover's mission to advertise blockchain security, but in addition aligns with the broader motion in the direction of blockchain mainstreaming. By abstracting transaction threat from finish customers, OpenCover, Request Finance and Nexus Mutual are placing blockchain funds on par with the protections which have lengthy been commonplace in conventional monetary methods.
About OpenCover (https://opencover.com)
Based by Y Combinator alumni Jeremiah Smith and Yury Oparin, OpenCover works with top-tier underwriters to guard people and establishments from on-chain dangers, together with transaction and protocol dangers.
About RequestFinance (https://request.finance)
Request Finance is a complete invoicing, funds, and accounting platform for Web2 and Web3 companies. By simplifying funds in each crypto and fiat, Request Finance helps companies undertake decentralized finance whereas guaranteeing transparency and effectivity. Request has processed over $800 million in transactions since 2020.
About Nexus Mutual (https://nexusmutual.io/)
Nexus Mutual is the main crypto insurance coverage various for protocol and different blockchain dangers. The mutual has underwritten practically $5 billion in threat since its 2019 founding.
contactCo-Founder and CEOJeremiah SmithOpen cowlmedia
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