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What Is NXM (NXM)?
Launched in May 2019, Nexus Mutual is a decentralized insurance alternative protocol built on Ethereum that allows members to join and share risk. It offers users the ability to buy cover for smart contract, technical failure, custodial, ETH staking, and other risks.
The Nexus Mutual protocol provides the infrastructure for members to buy cover, underwrite risk, assess claims, and build risk management businesses. Within the protocol, the native token NXM is used to share risk and participate within the mutual.
Nexus Mutual tries to disrupt the insurance industry by transitioning the power over the pooled resources to the individual members. Anyone is allowed to participate, as the mutual is owned by its members. Users can contribute Ethereum (ETH) to the pool for NXM.