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DeFi Cover Provider Nexus Mutual Backs New Crypto Insurance Broker Native

Native, a crypto insurance broker, has launched with $2.6 million in seed funding led by Nexus Mutual. The aim is to address the shortage of insurance capacity in the crypto industry by providing on-chain coverage and connecting businesses with Nexus Mutual's capital pools. Native will also run a capital pool on Nexus Mutual and act as a managing general agent. Nexus Mutual, a decentralized alternative to traditional insurance, has a current capital pool of around $200 million and has underwritten $5 billion of crypto assets since its inception. Additionally, Nexus Mutual's insurance alternative is available through Coinbase's layer 2 network via a product called Base DeFi Pass, developed by OpenCover. This expands the reach of Nexus Mutual's coverage to protocols like Uniswap and Compound.

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