OpenCover, Request Finance, and Nexus Mutual Launch World's First Blockchain Transaction Cover
London, United Kingdom, September 18th, 2024, Chainwire - In a game-changing move for decentralized finance (DeFi), OpenCover, a leading blockchain insurance platform, has partnered with Request Finance and Nexus Mutual to provide unprecedented protection for blockchain users. This collaboration marks a historic milestone in DeFi, offering coverage for transactions on multiple blockchain ecosystems, including Ethereum, Arbitrum, Polygon, BNB, Optimism, and more.
For the first time, eligible transactions on Request Finance are now covered up to $100,000, shielding users from the technical, economic, and security risks associated with blockchain transactions. This new Transaction Cover, underwritten by Nexus Mutual, shifts the risk away from the end-user, providing the same level of security and guarantees as traditional financial infrastructure but with the benefits of blockchain technology.
Jeremiah Smith, Co-Founder and CEO of OpenCover, stated, “For decentralized finance to gain credibility, blockchain transactions must be as safe as they are efficient. This partnership sets a new standard, allowing users to embrace self-custody and onchain finance without transaction risks.”
This collaboration not only enhances blockchain safety but also supports the mainstream adoption of blockchain technology. By abstracting transaction risk from end-users, OpenCover, Request Finance, and Nexus Mutual are bringing blockchain payments in line with the protections offered by traditional financial systems.
In conclusion, this partnership between OpenCover, Request Finance, and Nexus Mutual is a game-changer for the world of decentralized finance. It provides unprecedented protection for blockchain users, making onchain finance safer and more accessible. This development is a significant step towards mainstream adoption of blockchain technology and ensures that users can engage in DeFi with confidence and security.