Launched in May 2019, Nexus Mutual is a decentralized insurance protocol built on Ethereum. It offers users the ability to take out covers on smart contracts through the usage of its native token NXM.
About NXM(NXM)
NXM is a decentralized financial system that allows users to shield their transactions from the hazards associated with smart contracts. It is a program that provides immunity to investors against specific DeFi-related behaviors. It is sometimes referred to as insurance, although it’s not allowed owing to legal ramifications.
When it comes to regular insurance, profit is the primary concern of the carriers. This is because the insurance company needs to make a profit in order to stay in business. As a result, their primary focus is outside the policyholders’ needs, as they strive to meet their primary goal of profit.
What is NXM(NXM)?
NXM seeks to concentrate on profitability by offering a variety of insurance that outperforms traditional insurance. Rather than seeking profit, the protocol uses blockchain technology to provide security to its users.
As a collaborative effort, NXM stands up to its name. The protocol’s policyholders are holders of the native NXM tokens. They act as the blockchain’s proprietors and allow the ecosystem’s operation. Token holders have control over the blockchain’s governance and make decisions on incentivization.
Who Are the Founders of NXM(NXM)?
Hugh Karp, the professional insurance and actuary with 15 years of experience in a variety of insurance and reinsurance roles, including CFO of a major reinsurer’s UK Life business, is the founder of NXM. Since 2011, he has been a blockchain aficionado. He leads a 10-member NXM team.
Graeme Thurgood, a board member with 17 years of expertise in mutual launching in the UK, is another notable team member. Evan Van Ness, a well-known Ethereum community member, is another participant.
NXM has a five-member advisory board in addition to its financial backers and project members. The advisory board, on the other hand, is the most contentious aspect of the initiative. The reason for this is that the project is under the jurisdiction of the board. Hugh Karp, Graeme Thurgood, Nitika Arora, Rei Melbardis, and Nick Munoz-McDonald make up the board.
What Makes NXM(NXM) Unique?
The NXM coin can only be acquired on the NXM platform, unlike other cryptocurrencies listed on other exchanges. Interested traders can trade on wrapped NXM (WNXM) if they want to speculate on the price of NXM.
Because of the protocol’s technicality, the NXM is not available for purchase on secondary exchanges. The NXM project’s whole value viability is represented by the token. Despite the fact that the price is determined by the market, its operation extends beyond the standard concept of demand and supply.
By giving governmental power to the public, NXM engages in a new insurance provision. Traditional insurance companies are focused on making money for themselves while relegating policyholders. When it comes to NXM performance, the story is a little different. The protocol is centered on the policyholders, who are also the protocol’s token holders.
The mutual members have complete control over the project. Customers that are interested in joining the mutual can do so through NXM holdings. Members will earn NXM tokens for contributing ETH to the communal pool. The protocol’s mounted complicated smart contract mechanisms operate on the Ethereum Mainnet.
Where Can You Buy NXM(NXM)?
If you’re looking to buy Wrapped NXM, the best cryptocurrency exchanges to use right now are Binance, OKX, Bitget, Huobi Global, and KuCoin.
Frequently Asked Questions
Can I Buy NXM(NXM) With Cash?
No. There is no direct method to purchase NXM(NXM) using cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Are There Any Quick Ways To Buy NXM(NXM) In Europe?
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
On What Factors Does The Price Of The NXM(NXM) Depend?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact NXM(NXM)’s price and market cap.
NXM(NXM) Official Website – https://nexusmutual.io/
NXM(NXM) Twitter – https://twitter.com/NexusMutual