London, UK, September 18, 2024, Chainwire
This collaboration sets a recent standard in decentralized finance (DeFi) by transferring the risks of blockchain transactions to end users for the first time.
OpenCover, a leading blockchain insurance and alternative insurance platform backed by Coinbase (NASDAQ:) Venture’s Base Ecosystem Fund, NFX, Jump, Alliance, Village Global, and Orange DAO announces strategic partnership with Request Finance and Nexus Mutual. This partnership marks a historic milestone in decentralized finance (DeFi), offering unparalleled protection for blockchain users across multiple blockchain ecosystems, including Arbitrum, Polygon, BNB, Optimism, and .
For the first time, eligible Request Finance transactions are covered up to $100,000. This protects end users from the major technical, economic, and security risks inherent to blockchain transactions, making on-chain finance safer and aligning transaction guarantees with established financial infrastructure.
Traditionally, the “your keys, your coins” mantra placed the full burden of blockchain-related risks—such as price feed errors, sharp contract bugs, and stablecoin de-pegging— squarely on the end user.
OpenCover’s recent Transaction Cover, backed by Nexus Mutual, moves the risk of failure or unpredictable outcomes of blockchain transactions away from the end user. Users now benefit from the same transaction guarantees typically seen in established finance, but with the benefits of faster settlement times, full transparency, and significantly lower fees achieved through the operate of blockchain rails.
“For decentralized finance to become a credible extension of traditional finance, blockchain transactions must be as secure as they are efficient,” said Jeremiah Smith, Co-Founder and CEO of OpenCover. “This unique partnership with Request Finance and Nexus Mutual sets a new standard, enabling blockchain users to fully embrace self-custody and on-chain finance without the negative impact of transaction risk.”
This collaboration not only reinforces OpenCover’s mission to advance blockchain security, but also aligns with the broader movement toward widespread blockchain adoption. By abstracting transaction risk from end users, OpenCover, Request Finance, and Nexus Mutual are bringing blockchain payments to parity with the security that has long been standard in established financial systems.
About OpenCover (https://opencover.com)
OpenCover was founded by Y Combinator alumni Jeremiah Smith and Yury Oparin. The company partners with top insurers to provide individuals and institutions with protection against on-chain risks, including transaction and protocol risks.
About the Funding Request (https://request.finance)
Request Finance is a comprehensive invoicing, payments, and accounting platform for Web2 and Web3 businesses. By simplifying payments in both cryptocurrency and fiat currencies, Request Finance helps businesses adopt decentralized finance while providing transparency and efficiency. As of 2020, Request has processed over $800 million in transactions.
About Nexus Mutual (https://nexusmutual.io/)
Nexus Mutual is a leading crypto insurance alternative for protocol and other blockchain risks. Since its inception in 2019, the company has insured nearly $5 billion of risk.
ContactCo-founder and CEOJeremiah SmithOpen the covermedia@opencover.com
