Bankless

31 - Nexus Mutual to Billions | Hugh Karp

Sep 21, 2020
Guest
Hugh Karp
Hugh Karp, founder of Nexus Mutual, brings his insurance expertise to DeFi, revolutionizing how we think about coverage. He discusses the impressive growth of Nexus Mutual, with coverage skyrocketing to $240 million. Karp explores the benefits of smart-contract-based insurance and the importance of community-driven risk sharing. He dives into the challenges within crypto insurance and shares insights on the future landscape, including the intricacies of the NXM token and the innovative mechanisms behind decentralized insurance.
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ANECDOTE

Near Shutdown

  • Nexus Mutual nearly shut down in 2019 due to financial difficulties.
  • Hugh Karp, founder of Nexus Mutual, took out a personal loan to save the project.
INSIGHT

DeFi Symbiosis

  • Nexus Mutual's success depends on the success of other DeFi protocols.
  • Nexus insures these protocols, creating a symbiotic relationship within the DeFi ecosystem.
INSIGHT

Community Focus

  • Traditional insurance has become focused on moving money around, neglecting the end customer.
  • Nexus Mutual aims to return insurance to its community-focused roots using blockchain technology.
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