Breakthrough iTrust.Insure Integration Gives Hodlnaut Users Instant Access to Nexus Mutual Custody Cover
Offering ultimate peace of mind and unprecedented convenience, Hodlnaut users will now be able to purchase Nexus Mutual’s industry-leading custody cover without ever leaving the Hodlnaut platform.
iTrust.insure’s unique integration - the first of its kind in the cryptocurrency space - brings together the very best in CeFi and DeFi to break down multiple barriers to adoption.
How to use iTrust.insure’s Hodlnaut Integration to Protect Your Assets with Nexus Mutual’s Custodian Cover:
Users can now purchase Nexus Mutual custody cover directly from their Hodlnaut dashboard here:
Coverage can be purchased in seconds by completing a quick form indicating the coverage amount required and paying the appropriate fee, directly from funds held on Hodlnaut:
Coverage purchased will be represented by a unique NFT which will be stored securely by iTrust.insure. Alternatively, users can access their iTrust.insure account and withdraw the NFT to their own wallet.
What is Covered?
In-line with Nexus Mutual’s terms and conditions, users who purchase custody cover through iTrust.insure integration on Hodlnaut will have their assets protected against the following risks:
- the custodian gets hacked and you lose more than 10% of your funds
- withdrawals from the custodian are halted for more than 90 days.
The product covers any token or combination of tokens users have in their Hodlnaut account. In case of a claim, users will receive the equivalent of their funds in ETH or DAI according to the purchased cover up to the covered amount.
Full terms and conditions can be found here: https://nexusmutual.io/pages/CustodyCoverWordingv1.0.pdf
The article has been updated to clarify that based on Hodlnaut's interpretation of Singapore's Laws, the custody cover provided by Nexus Mutual via iTrust on Hodlnaut’s platform is not legally defined as insurance.
Disclaimer: Hodlnaut would also like to highlight that iTrust and Nexus Mutual are not entities regulated by the Monetary Authority of Singapore (MAS), and Hodlnaut is not licensed by the MAS to provide the optional custody cover, nor licensed to itself carry on any regulated insurance activities. For the avoidance of doubt, Hodlnaut, in providing the option to purchase custody cover on its platform, is in no way providing an insurance product.
A major Breakthrough for Cryptocurrency Adoption
With $432 million in crypto stolen between January and April of this year alone, a sense of inertia has prevailed in the space when it comes to leaving large amounts of collateral on even the most reliable of platforms.
Previously, even Hodlnaut users who were fully aware of the benefits of Nexus Mutual’s offering would have had to take the extra steps of fulfilling the Mutual’s joining process, including payment of a membership fee and the completion of a KYC process in order to obtain cover. Also, there was the not-insignificant mental barrier inherent in purchasing cover on one platform that pertains to assets held on a completely different one.
iTrust.insure’s solution breaks down all of these barriers to adoption, opening the doors to a new wave of users seeking an easy way to protect their assets whilst earning the high yields on offer at Hodlnaut.
Peter, CEO of iTrust International commented: “It is a pleasure to work with both Hodlnaut and Nexus to integrate this cover, which I believe is an industry-first point of sale integration of insurance for a centralized exchange. A big step forwards in making the industry safer and increasing adoption.”
Hugh Karp, Founder, Nexus Mutual commented: “One of the biggest strengths in DeFi is its composable nature, meaning projects like iTrust can take what we’ve built at Nexus and use them in new ways, in this case, to massively improve the user experience for Hodlnaut users.”
Juntao Zhu, CEO and Co-founder, Hodlnaut, Commented: “Hodlnaut’s custody cover integration with iTrust aims to provide a hassle-free user experience for our valued customers. It also eliminates the impediment of going to a different platform altogether for purchasing the cover, thus further streamlining the process.”
iTrust.insure is part of the iTrust.finance ecosystem.
Through a partnership with Nexus Mutual, iTrust.insure users are able to secure custody cover for their assets directly from the Centralised Exchanges and Lenders. Custody cover will be available to anyone purchasing cover through Centralised Exchange and Lenders that offer iTrust.insure cover.
iTrust.insure issue an NFT with the policy details, which is the cover details provided and underwritten by Nexus Mutual. Users are provided with an NFT as the proof of coverage.
Telegram Announcements: https://t.me/iTrustOfficialAnnouncements
About Nexus Mutual
Nexus Mutual is the leading provider in the DeFi insurance space. It is a discretionary mutual which is fully owned by all members and has a current active cover amount of $423,099,492 | 221,098 ETH
Hodlnaut is a platform that provides innovative financial services for individual investors who can earn interest on their cryptocurrencies by lending them to vetted institutions. Founded by Bitcoin maximalists Junato Zhu and Simon Lee in April 2019, Hodlnaut has grown tremendously over the years. The platform offers up to 12.73% APY through its Hodlnaut Interest Account, supporting six crypto assets: BTC, ETH, DAI, USDC, USDT, and WBTC.
Holdnaut is a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS (Monetary Authority of Singapore). The company aims to become the first regulated entity in Singapore within the crypto lending and borrowing space and is undergoing license application under the Payment Services Act 2019 (by the MAS).
For more information please visit www.hodlnaut.com.