Neptune Mutual, a multi-chain decentralized cover protocol, announced that it has raised a $3M strategic round led by Animoca Brands; other investors included Pacific Century Group, Genesis Block Ventures, Fundamental Labs, GSR, Cambium Grove Capital, and a number of other funds.

Unlike discretionary mutuals, Neptune Mutual’s parametric cover products provide guaranteed payouts to policyholders following incidents based on unbiased, on-chain resolution by NPM governance participants.

The Neptune Mutual protocol is based on a parametric cover model that offers policyholders protection against exploits of cryptocurrency exchanges, custody providers, smart contracts, and also metaverse projects. There is no need for individual assessment of each claim and no need for proof of loss documents. Once resolution is reached on the cover incident, via the NPM governance participants, the payout is validated for every policyholder. The underlying principles of the Neptune Mutual protocol design are low risk, scalable, secure, and ease of use.

With investments in over 150 metaverse and NFT projects, Animoca Brands is the leading global player in building and supporting open metaverse projects that bring digital property rights to online users. Play-to-earn and creator’s economy models are underpinning a fair and equitable digital framework in which the value of virtual assets is growing rapidly; a solution for protecting these assets is considered a vital part of the metaverse ecosystem.

Yat Siu, the executive chairman and co-founder of Animoca Brands, said

As netizens build their digital properties and social identities in the open metaverse, and as these assets become more valuable, risk mitigation solutions become a necessity. We support Neptune Mutual’s initiative to bring decentralized cover solutions to the metaverse and trust the team’s capability to contribute to a safer and better protected environment for the overall crypto ecosystem.

Binod Nirvan, the founder of Neptune Mutual, said

It’s our privilege to gain the trust and support of Animoca Brands, thought leaders in the space of the creators’ economy. Neptune Mutual shall endeavor to deliver an efficient, reliable and easy-to-use solution for creators to safeguard the value of their NFTs and other virtual assets in the metaverse.

We are looking forward to working with the DeFi experts from Genesis Block Ventures and Fundamental Labs, as well as traditional insurance experts from PCG (being the primary investor behind FWD insurance group), all of whom have invested in this strategic round. We are grateful for the trust that all our strategic round investors have placed in the Neptune Mutual team.

co-founder Edward Ryall further added.

This press release was originally posted on:

https://cryptoslate.com/press-releases/neptune-mutual-raises-strategic-round-led-by-animoca-brands-to-build-decentralized-cover-protocol-for-the-metaverse/