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Nexus Mutual Requests $153,500 in NXM Tokens to Support Operations for Next Six Months

Nexus Mutual Requests $153,500 in NXM Tokens to Support Operations for Next Six Months

2024/01/29 18:42

The developers of crypto-insurance protocol Nexus Mutual have requested $153,500 worth of NXM tokens to fund operations for the next six months. According to a blog post, most of the funds will be used to pay salaries, while the rest will be used for travel, infrastructure for the project's Discord servers, and research and development.Nexus Mutual is an ethereum-based insurance alternative that insures against the loss of crypto funds, with assets provided by its members, who take on the risk in exchange for interest. This fundraising request represents a 41% decrease from the project's previous team budget. This decline is largely attributed to nearly $100,000 in unused funds following the departure of the former head of marketing. The blog post stated that marketing responsibilities would be assumed by Nexus Mutual's community team, but BraveNewDeFi, head of the community team, revealed to CoinDesk that there are plans to eventually fill the position. In a Telegram message, the man known as Turtle said the Nexus team plans to "build the community" over the next six months to get more people actively involved in mutuals, and BraveNewDefi said the agreement anticipates that the partnership with crypto reinsurance programme Cover Re will have a "huge impact" on policy sales and premium growth. Nexus Mutual's DAO, a project management body of NXM token owners, will vote on the budget proposal between 30 January and 5 February.

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