Nexus Mutual
Nexus Mutual sells cover against crypto failures, but its cover is 'not a contract of insurance': payment is discretionary, and since November 2025 a three-person committee, two of them board members, has decided every claim. The capital pool is on chain and held 40,651 ETH-equivalent ($92.3 million) on November 1, 2026, 583% of its minimum capital requirement; 18.7 million USDC of that is a 'Cover Re investment' figure the board's Safe enters for assets held outside the pool contracts. Nexus has paid $24.7 million of claims since 2020, and no entity behind it publishes audited accounts.
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Platform Identity
- Website
- nexusmutual.io
- Headquarters
- London, United Kingdom
- Founded
- 2019
- Parent
- Nexus Mutual DAO, an unincorporated 'stateless DAO without ultimate legal personality' under a BVI-law DAO Member Agreement dated February 24, 2022. Terrapin International Foundation (Panama private interest foundation) holds the assets the UK company transferred under a February 21, 2022 resolution; its Foundation Council is the Advisory Board (Hugh Karp, Roxana Danila, Reinis Melbardis, Graeme Thurgood, Lee McClelland), the same five people who are directors of Nexus Mutual Limited (UK 10917763, limited by guarantee, incorporated 2017). Collective Risk Services CIC (UK 11353187; director and 75%+ controller Hugh Karp) operates the website and app. Founder and CEO Hugh Karp.
- Platform type
- Discretionary Mutual: On-Chain Cover for Crypto Risks, Capitalized by Members Through NXM
- Regulatory
- unregistered
- Eligibility
- retail
AltStreet Coverage
- Review status
- Published
- Coverage type
- Investment platform
- Review date
- Nov 1, 2026
- Last updated
- Nov 1, 2026
- Composite score
- 4.1
Key Data Points
- TVL snapshot
- $92.27MNov 1, 2026
- wNXM token
- $59.3198
Reference Reading
AltStreet reference pages on the filings and mechanics behind this platform's category.
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