Digital-asset insurance broker Native said it arranged $25 million of blockchain-based cover against hacks
Digital-asset insurance broker Native has arranged $25 million of blockchain-based cover against hacks for Team Rizzo, an operator of machine-learning businesses and staking validator services on Bittensor, the popular cryptocurrency-driven AI network, the company announced Thursday.
The London-based company acted as a broker and also an underwriter using its own syndicate and capital pool on Nexus Mutual, a decentralized insurance alternative that backed Native in October of last year. The cover protects against smart-contract hacks leading to the loss of Bittensor tokens (TAO) used to validate the network’s proof of stake (PoS) consensus mechanism.
Hacks are a persistent worry in the crypto ecosystem, where insurance cover remains thin on the ground, particularly in more experimental and esoteric realms like staking or decentralized finance (DeFi). Last week, Bybit (뱌댘빗), one of the largest cryptocurrency exchanges, lost $1.5 billion to North Korea-linked hackers.
Nexus Mutual arrived in 2019 with an alternative form of insurance cover for the emerging DeFi sector, incentivizing a community of members to deploy assets into blockchain-based syndicates, similar in some ways to how the Lloyd’s of London insurance market allows syndic앳
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