What Is NXM (NXM)?

Nexus Mutual#### (NXM) is a decentralized financial system or insurance#### protocol #### built on#### Ethereum#### . The decentralized insurance platform of Nexus Mutual is run entirely by its members. Only members of the Nexus platform decide which claims are valid. Nexus Mutual uses a#### blockchain#### -based solution where people can share risks without an insurance company.

According to the#### whitepaper#### , the platform seeks to develop mutuals to replace insurance. Nexus aims to build an alternative risk-sharing platform that offers crypto#### wallet#### cover.

There is still substantial unnecessary costs in the regular insurance system. Traditional insurance companies need to make a profit to stay in business. Therefore, customers often lose a percentage of their premium as distribution or operational expenses and capital costs. However, Nexus Mutual solves this problem by offering a peer-to-peer discretionary insurance mutual that is cost-effective. Also, the protocol uses blockchain technology to provide security to its users.

NXM is the native#### token #### of the NXM platform. It is a simple#### ERC-20#### compatible token. Users of the platform can use NXM tokens to purchase cover and participate in claims assessment. Further, the token holders can participate in risk assessment and governance. NXM token is the voting weight in the Nexus governance. Users can earn tokens by participating in voting.

Tokens represent the membership rights of the platform users. Users can acquire NXM coins only on the NXM platform, unlike other#### cryptocurrencies#### listed on other exchanges. Besides, only Nexus Mutual members can hold, purchase, and use NXM tokens. Because the Nexus platform uses a continuous token model, users can collect the tokens at any time at a variable price. All funds raised from NXM token purchases belong to the members.

History of NXM (NXM)

Nexus Mutual was launched in May 2019. Hugh Karp is the founder of Nexus Mutual. Steve Barker is the advisor of Nexus Mutual. With over 22 years of experience in financial services, Barker managed the launch of numerous international investment funds. Roxana Danila is a product-minded engineer at Nexus Mutual. She has over five years of experience in building software products at scale. Kayleigh Petrie works in the communications, marketing, and community engagement sector of Nexus Mutual.