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/
