OpenCover, Request Finance, and Nexus Mutual Introduce the World’s First Blockchain Transaction Insurance Through Chainwire

London, United Kingdom, September 18th, 2024

A groundbreaking collaboration is poised to redefine decentralized finance (DeFi) by transferring blockchain transaction risk away from users for the very first time.

OpenCover, a prominent platform specializing in blockchain insurance and alternative solutions, backed by leading investors, is announcing a strategic partnership with Request Finance and Nexus Mutual. This partnership marks a significant advancement in the DeFi landscape, providing robust protections for users across various blockchain ecosystems including Arbitrum, Polygon, BNB, and Optimism.

For the first time, eligible transactions processed through Request Finance will be covered up to $100,000. This initiative safeguards end-users against significant technical, economic, and security risks associated with blockchain transactions, enhancing security for onchain finance and aligning it with the transaction guarantees traditionally offered by conventional financial systems.

Historically, the mantra of "your keys, your coins" has placed the full weight of blockchain risks—such as oracle price feed inaccuracies, smart contract vulnerabilities, and stablecoin issues—directly on users.

With OpenCover’s new Transaction Cover, underwritten by Nexus Mutual, the risks of failures or unexpected outcomes from blockchain transactions are effectively shifted away from the user. This means that users can enjoy the same transaction assurances found in traditional finance, while also benefiting from quicker settlement times, complete transparency, and lower fees achieved through blockchain technology.

"For decentralized finance to truly serve as a credible complement to traditional finance, blockchain transactions must be as safe as they are efficient," said Jeremiah Smith, Co-Founder and CEO of OpenCover. "This exceptional partnership with Request Finance and Nexus Mutual sets a new benchmark, enabling blockchain users to fully engage in self-custody and onchain finance without fearing transaction risks."

This collaboration not only bolsters OpenCover’s commitment to enhancing blockchain safety but also supports the broader movement toward mainstream adoption of blockchain technology. By alleviating transaction risks for end-users, OpenCover, Request Finance, and Nexus Mutual are striving to equate blockchain payments with the protections that have long been a staple of conventional finance.

About OpenCover

Founded by Y Combinator alumni Jeremiah Smith and Yury Oparin, OpenCover collaborates with leading underwriters to provide protection against various onchain risks, including transaction and protocol risks.

About Request Finance

Request Finance is a comprehensive invoicing, payment, and accounting solution tailored for Web2 and Web3 businesses. The platform simplifies transactions in both cryptocurrency and fiat, aiding businesses in embracing decentralized finance while ensuring transparency and efficiency. Since 2020, Request Finance has processed over $800 million in transactions.

About Nexus Mutual

Nexus Mutual is a premier crypto insurance alternative focused on protocol and blockchain risks. Established in 2019, it has underwritten close to $5 billion in risk, reinforcing its position in the crypto insurance landscape.

Contact
Jeremiah Smith
Co-founder and CEO
OpenCover
[email protected]

This article was initially published on Chainwire.