"Native's role is to help solve this chronic under insurance problem," said Native co-founder and CEO Ben Davies in an interview. "No industry can grow without a liquid insurance market and so we have built a commercial insurance broker on-chain, which is what the market has really been missing."
The aim is to increase capacity by connecting businesses with Nexus's capital pools, while giving clients the ability to pay in crypto, or be paid in crypto if there is a claim, said the broker's other co-founder Dan Ross. In addition, Native will go beyond mere distribution by running a capital pool on Nexus, he said.
There has always been a dire shortage of insurance capacity within the crypto industry. At a rough estimate, about 1% of crypto assets are insured today, compared with the traditional world where a general rule of thumb is that about 7% of GDP is insured.
Nexus Mutual, the decentralized alternative to traditional insurance geared towards risks involving digital assets, is widening its distribution capabilities by backing a dedicated crypto insurance broker called Native.
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