Nexus Mutual

What Nexus Mutual does

Nexus Mutual is a decentralized insurance protocol operating as a discretionary mutual on Ethereum, founded in 2019 and legally domiciled as Collective Risk Services CIC in London, UK. The protocol provides onchain cover products addressing risks that traditional insurers exclude: smart contract exploits, oracle failures, liquidation failures, governance attacks, custody failures, ETH validator slashing, stablecoin depegs, and physical security threats to crypto holders. Its core product portfolio includes Protocol Cover, Multi Protocol Cover, DeFi Pass Cover, Native Protocol Cover, Fund Portfolio Cover, Depeg Cover, ETH Slashing Cover, Custody Cover, and Quota Share Cover, alongside newer offerings including Crypto Kidnap & Ransom Cover and Real World Risk Products. Named institutional customers include Edge Capital, Dialectic, Fasanara Digital, KR1 plc, and Brava, with embedded SDK integrations at protocols like Edge Capital and Kelp.

The underlying technology comprises the NXM utility token, a Capital Pool backing all cover and claims in ETH and stablecoins, a Ratcheting AMM (RAMM) introduced in November 2023 to manage capitalization and NXM minting/redemption, staking pools where members underwrite risk, and a Claims Committee of publicly named assessors who review and vote on claims within 3–5 days. Cover products are tokenized as NFTs enabling transfer and partial claims. The protocol reports $100M+ in capital pool assets, $6B+ in cumulative crypto protected since 2019, $18.5M+ in claims paid, and 10,000+ covers provided, claiming 85% market share in DeFi insurance.

Nexus Mutual generates revenue through cover premiums, with 50% distributed to NXM stakers in the underwriting pool and 50% accruing to the capital pool. Distribution combines self-serve product-led growth through app.nexusmutual.io (requiring KYC membership at 0.0020 ETH), channel partnerships via OpenCover for cross-chain access without KYC, direct enterprise sales for bespoke institutional covers, and SDK-based embedded coverage at partner protocols. Pricing is dynamic based on supply and demand, with protocol cover starting at 0.12% per year, custody cover at 1.95% per year, and K&R cover at 0.75–2% per year. The organization operates as a member-owned DAO with governance via the NXM token, advisory board oversight through the Terrapin International Foundation, and no disclosed external parent or venture capital majority ownership.

Name

Nexus Mutual

Legal name

Collective Risk Services CIC

Website

https://nexusmutual.io

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Nexus Mutual is a decentralized insurance mutual on Ethereum providing onchain cover products for smart contract exploits, custody failures, slashing, depegs, and physical security risks to DeFi users, funds, protocols, and crypto-native institutions since 2019.

Ownership category

akta.pro rank

Product category

Decentralized Insurance Protocol

NAICS

Insurance Carriers and Related Activities (524)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Decentralized Insurance / Coverage Protocols (FSADAMAI)

Keywords

• Decentralized insurance protocol
• Crypto coverage products
• Smart contract protection
• DeFi risk management
• Onchain cover products

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Cover Premiums: Members pay premiums for protection against specific loss events. Premiums are calculated based on cover amount, annual price at time of purchase, and cover duration (28-365 days). When cover is purchased, 50% of the cover fee is distributed as rewards to NXM stakers in the pool that underwrote the cover. The other 50% accrues to the capital pool.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels9 records

Core offering

Nexus Mutual operates a decentralized discretionary mutual on Ethereum that underwrites onchain and physical risks for crypto holders. Members pay premiums in ETH, NXM, USDC, or cbBTC to purchase tokenized cover products protecting against smart contract exploits, custody failures, slashing, stablecoin depegs, governance attacks, and physical security threats. The protocol pools capital from NXM stakers, prices risk via staking pool managers, and pays claims through an expert Claims Committee, having paid over $18.5M since 2019.

Product overview

Nexus Mutual is a decentralized insurance alternative operating as a discretionary mutual on Ethereum since 2019. The platform is structured as a unified protocol with multiple cover products addressing distinct onchain and real-world risk categories. The core product portfolio includes: Protocol Cover (Single Protocol, Multi Protocol, and DeFi Pass Cover) protecting against smart contract exploits, oracle failures, liquidation failures, and governance attacks; Depeg Cover for stablecoin and wrapped asset depeg events; ETH Slashing Cover for proof-of-stake validator penalties; and Custody Cover for losses at third-party custodians or exchanges. Additional products include Fund Portfolio Cover for holistic fund-level protection, Quota Share Cover enabling other cover providers to reinsure risk through Nexus Mutual, and Native Protocol Cover for DeFi teams to protect their users. Real World Risk products leverage onchain capital for traditional insurance lines. The platform also offers a Crypto Kidnap & Ransom Cover product launched in February 2026 addressing physical security threats for wealthy crypto holders. All cover is purchased, managed, and settled entirely onchain, with claims reviewed by a named expert Claims Committee.

Differentiator

Problem solved

Functional benefit

Products and services

• Protocol Cover (Single Protocol) Covers smart contract exploits, oracle manipulation, oracle failure, liquidation failures, and governance takeovers for assets deposited in a single DeFi protocol deployed on EVM-compatible networks. Targeted at individual DeFi users and institutional protocol depositors seeking targeted single-protocol protection.
• Multi Protocol Cover Provides full-stack protection across multiple protocols for assets deployed in a strategy that uses an underlying protocol deploying funds into other protocols on EVM-compatible networks. Built for funds and strategies whose capital flows through layered protocol compositions.
• DeFi Pass Cover

Quantifiable outcome

• $6B+ in crypto protected since 2019
• +3 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• SamphirecoreStrategic or Co-development Partner · 17 February 2026Partner in Crypto Kidnap & Ransom Cover launch, providing alternative risk transfer expertise for this new product covering crypto investors and executives against physical security threats.
• Merrill HerzogcoreStrategic or Co-development Partner · 17 February 2026Partner in Crypto Kidnap & Ransom Cover launch, providing crisis response support through former special ops team for crypto holders targeted by kidnapping and ransom threats.
• Cover RecoreStrategic or Co-development Partner · 1 November 2023$15M combined investment and retrocession deal where Nexus Mutual's capital is used to underwrite real world risk. Phase 1 (investment) went live May 2024. Phase 2 (retrocession) enables Nexus Mutual to generate premiums while diversifying into traditional insurance markets.
• InSharecoreStrategic or Co-development Partner · 8 August 2023Strategic partnership with InShare, a specialist in alternative risk transfer and mutuals. InShare, acting as representative for a membership organization of independent retail businesses, works with Nexus Mutual to expand capacity and cover more than 5,000 small independent business owners in the UK against fire, theft, and accidental damage. Nexus Mutual became the first to use onchain capital to cover excess losses for a traditional discretionary mutual.
• BootNodecoreTechnology or Integration · 22 March 2023BootNode team developed integration with CoW Protocol to bring MEV-protected swaps to Nexus Mutual's capital pool. BootNode received a grant from Nexus Mutual DAO treasury and later hired by the Foundation to assist with testing V2 contracts, playing an important role in identifying bugs and improving security.
• CoW ProtocolcoreTechnology or Integration · 22 March 2023Integration brings MEV-protected swaps to Nexus Mutual's capital pool. Uses batch auctions and coincidence of wants (CoWs) to provide best prices, uniform clearing prices, peer-to-peer matching, and reduced MEV losses (frontrunning, sandwich attacks).
• SherlockminorStrategic or Co-development PartnerSherlock Quota Share Cover enables Sherlock to shift a portion of their risk exposure onto Nexus Mutual's capital pool. Nexus Mutual paid Sherlock a total of $1,042,309 for Euler Finance, Sentiment, and Anja Finance claims.
• Uno ReminorStrategic or Co-development PartnerUno Re Quota Share Cover allows Uno Re to protect their underwriting capital against underlying risks they offer coverage for, shifting portion of exposure onto Nexus Mutual.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• OpenCover: Cross-chain cover distribution provider within the Nexus Mutual ecosystem that extends Nexus Mutual products across EVM chains without KYC. Directly comparable as a decentralized insurance distribution layer, though closely tied to Nexus Mutual.
• InsurAce: Decentralized insurance protocol offering multi-chain smart contract cover and other DeFi protection products. Direct competitor to Nexus Mutual in the on-chain insurance category, targeting similar DeFi users with comparable cover structures.
• Etherisc: One of the original decentralized insurance protocols on Ethereum, building risk-sharing infrastructure for crypto-native and real-world risks. Direct peer to Nexus Mutual in decentralized insurance architecture and target customer base.
• Bridge Mutual: Decentralized coverage platform for smart contract and stablecoin depeg risk. Direct peer offering comparable cover products to Nexus Mutual through a member-governed model on EVM chains.
• Risk Harbor: DeFi-native risk coverage marketplace listing policies from multiple underwriters for smart contract and protocol risks. Direct peer to Nexus Mutual in providing decentralized cover against on-chain exploits and protocol failures.
• Tidal Finance: Decentralized insurance aggregator that builds cover pools for DeFi risks. Direct peer offering alternative decentralized insurance infrastructure to Nexus Mutual across multiple protocols and chains.

Broad incumbents

• BitGo: Institutional crypto custody and prime broker offering insured custody for digital assets. Comparable as a crypto insurance provider at the institutional/custody layer, though operating as a broader incumbent with a much wider product portfolio than Nexus Mutual.

Emerging players

• Uno Re: Decentralized reinsurance protocol that uses a Quota Share arrangement with Nexus Mutual to offload underwriting risk. Comparable in offering cover to DeFi and CeFi users, with reinsurance as its core mechanic.
• Coincover: UK-based crypto protection provider focused on custody and wallet theft/backup, serving exchanges and institutional clients. Comparable to Nexus Mutual's Custody Cover line and overlapping in the institutional crypto protection segment.
• Sherlock: DeFi audit and coverage protocol that has shifted a portion of its underwriting risk onto Nexus Mutual via a Quota Share Cover. Comparable in addressing smart-contract exploit risk, with overlapping customer base among DeFi protocols.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/NexusMutual
• GitHubgithub.com/NexusMutual
• YouTubeyoutube.com/@nexus_mutual
• LinkedInlinkedin.com/company/nexus-mutual

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nexus Mutual