From the get-go, our vision with Poolz Ventures was to foster startups with the potential to transform DeFi and accelerate its adoption. In this regard, Neptune Mutual is an emerging DeFi project that caught out attention and we’re pleased to announce that Poolz Ventures has joined on board with the platform as an investor.
As a decentralized multichain cover protocol, Neptune Mutual is a platform that aims to reduce the risk associated with investing in DeFi. With the monumental growth of DeFi and the digital asset economy in the past few years, concerns about the safety of assets within the industry started to surface. Hackers turned their attention towards this budding space, preying on vulnerabilities in smart contracts and taking advantage of its pseudonymity. DeFi has lost billions of dollars to hackers in recent years and these instances blotched users’ trust in the industry.
Even centralized crypto exchanges still face the challenge of procuring insurance policies from traditional insurers. The rate of incidents and asset loss from CeFi is less frequently compared to Defi, but the size of the loss is rather significant.
So, for a risky industry like this, it is only fitting to have a mechanism to cover the losses of investors if and when they occur and Neptune Mutual provides that mechanism. The platform provides for a parametric cover model in which DeFi, NFT, Metaverse projects, and centralized crypto service providers can set up dedicated cover pools. Users only need to choose a cover pool, select its duration, and enter how much they want to cover.
In the event of hacks or thefts, all policyholders are compensated for the loss incurred. This is a fool-proof way of safeguarding user assets within the decentralized framework and retaining their trust.
This is precisely why we’ve invested in the project and are enthralled to join on-board with them. We hope to make significant contributions to the growth of Neptune Mutual and continue this alliance into the future.
Stay tuned to this space for further updates!