Insurance Alternative OpenCover Debuts on Layer 2 Blockchain Base
OpenCover, a decentralized insurance distributor for cryptocurrency and Web3 platforms, has launched on Base, the Ethereum overlay blockchain built by Coinbase. The mutual insurance provider received a funding bump from Coinbase and is partnering with Nexus Mutual, a UK-based discretionary mutual that allows investors to collectively manage capital pools.
Crypto insurance is limited, with experimental areas like DeFi presenting risks that even digital asset underwriting specialists shy away from. However, there is an excess of capital being deployed by DeFi cover pioneers like Nexus Mutual. OpenCover, which raised $4 million in a seed round, received a $200,000 funding bump from Coinbase to bolster its debut on Base. The insurance alternative is also rolling out on Optimism, another Ethereum layer 2 blockchain, and is working with various blockchains.
(With inputs from Shikha Singh)
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