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Nexus Mutual launches custodian insurance, users can claim for losses of more than 10% of funds

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Nexus Mutual currently has $58.84M in outstanding insurance and ETH has $97M in its pool

Rhythm BlockBeats news, on December 4th, Nexus Mutual announced the launch of custodian insurance, and cryptocurrency investors can now purchase deposit insurance on centralized exchanges through Nexus Mutual. Nexus verified members can purchase insurance claims on designated centralized custodians, including Celsius, BlockFi, Nexo, inLock, Ledn, and Hodlnaut.

NXM Holds Someone can show confidence in the security of the custodian by staking tokens. 50% of the funds for each insurance will be distributed proportionally to the pledgers of this contract. Policyholders are entitled to a claim if they lose more than 10% of their funds after being hacked, or if withdrawals from the custodian are suspended for more than 90 days.

According to Nexus Tracker, Nexus Mutual currently has With $58.84 million in outstanding insurance, ETH has $97 million in its pool.