Founded in 2017 by Hugh Karp, Nexus Mutual is an alternative to insurance for Ethereum users. Members can buy coverage to protect against material losses when transferring funds into a protocol’s smart contracts or keeping funds with a custodian.  Nexus Mutual is a discretionary mutual. Each member holds NXM tokens, which represent proportional ownership of the mutual. Members are responsible for governance, capital provision, and risk and claims assessment.