Nexus Mutual Gets A $2.7M Investment From VC Firms For Its Foundation Treasury

The alternative risk-sharing decentralized finance (DeFi) platform and insurer Nexus Mutual has completed a funding round through which it has raised a massive amount in investments from major Venture Capital (VC) companies. It has collected this investment for its Foundation Treasury and for its alternative products’ insurance.

Collider Ventures Led This Funding Effort

Reportedly, the early-stage venture capital cryptocurrency fund Collider Ventures was the leading firm that led this funding effort initiated by Nexus Mutual and contributed with its investment.

Along with Collider Ventures, there were various other venture capital companies that participated in it, including the leading venture capital firm Blockchain Ventures, the major cryptocurrency fund 1Confirmation, Dialectic, and Version One. Apart from these companies, there were many major individual and institutional investors as well from the digital currency sector that participated in this funding round.

Nexus Mutual has said that it will be utilizing the fresh funds for expanding its cryptocurrency offerings, extending them beyond the products that are already present. Moreover, the company claimed that it intends to cover well-established cryptocurrency custodians and digital currency exchanges users including the prominent United States-based digital assets exchange platform Coinbase, the world’s top-ranked crypto exchange by trading volume Binance, Winklevoss brothers’ crypto exchange Gemini, and the Kraken exchange.

Collider Ventures’ Founding Partner Adam Benayoun called Nexus Mutual the decentralized finance’s indispensable pillar. Keeping this in view, the firm made a decision to support the platform’s development, Adam said. And that is the reason he said that propelled them to take part in funding projects developing on the top of the platform of Nexus Mutual.

The Roadmap Of Nexus Mutual

Last year in the month of December, Hugh Karp, the Chief Executive Officer (CEO) of Nexus Mutual, caught himself in a hack, which caused him a massive loss. Reportedly, the hacker tricked him and made him send an amount of $8 million worth of NXM coins from his wallet.

In spite of this upset, the firm was able to show good performance during the last five months of the last year as the total value locked (TVL) of the firm reached $100 million while increasing from $4 million. That was a massive achievement on the part of the Nexus Mutual protocol.

Furthermore, the company has also stated that it has outlined a roadmap for the current year too. One of these plans present in the roadmap includes the sale of cover worth $1 billion for around 30 DeFi protocols.