London, UK, September 18, 2024, Chainwire
The collaboration sets a new standard in decentralized finance (DeFi) by shifting the risk of blockchain transactions away from end-users for the first time.
OpenCover, a leading blockchain-based insurance and insurance alternatives platform backed by Coinbase (NASDAQ:) Venture Ecosystem Fund, NFX, Jump, Alliance, Village Global, and Orange DAO, announces a strategic partnership with Request Finance and Nexus Mutual. This collaboration marks a historic milestone in decentralized finance (DeFi) as it offers unparalleled protection for blockchain users across multiple blockchain ecosystems including , Arbitrum, Polygon, BNB, Optimism, and .
For the first time, eligible transactions on Request Finance are covered up to $100,000. This protects end users from the main technical, economic, and security risks inherent to blockchain transactions, making on-chain finance more secure and bringing transaction guarantees on par with those of traditional financial infrastructure.
Traditionally, the “your keys, your coins” mantra placed the entire burden of blockchain risk (such as errors in oracle price feeds, smart contract bugs, and stablecoins losing their peg) squarely on the end user.
OpenCover’s new transaction coverage, underwritten by Nexus Mutual, transfers the risk of failures or unforeseen outcomes of blockchain transactions away from the end user. Users now benefit from the same transaction guarantees typically seen in traditional finance, but with the advantages of faster settlement times, full transparency, and significantly lower fees that come with using 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, allowing blockchain users to fully embrace self-custody and on-chain finance without the burden of transaction risk.”
This collaboration not only strengthens OpenCover’s mission to advance blockchain security, but also aligns with the broader movement toward mainstream blockchain adoption. By abstracting transaction risk away from end users, OpenCover, Request Finance, and Nexus Mutual are equating blockchain payments with the protections that have long been standard in traditional financial systems.
About OpenCover (
Founded by Y Combinator alumni Jeremiah Smith and Yury Oparin, OpenCover works with top-tier underwriters to provide individuals and institutions with protection against on-chain risks, including transaction and protocol risks.
About Request Finance (
Request Finance is a comprehensive invoicing, payments, and accounting platform for Web2 and Web3 businesses. By simplifying payments in both crypto and fiat currencies, Request Finance helps businesses embrace decentralized finance while ensuring transparency and efficiency. Request has processed over $800 million in transactions since 2020.
About Nexus Mutual (
Nexus Mutual is the leading crypto insurance alternative for protocol and other blockchain risks. The mutual has covered nearly $5 billion in risks since its inception in 2019.
ContactCo-founder and CEOJeremiah SmithOpen lid[email protected]
This article was originally published on Chainwire
