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DeFi coverage protocol expands protection against centralized exchange hacks

Published 01/12/2021, 08:02 AM
Updated 01/12/2021, 09:40 AM
DeFi coverage protocol expands protection against centralized exchange hacks

DeFi coverage protocol Nexus Mutual expanded the list of centralized exchanges eligible for incident protection. Users trading on Binance, Kraken, Coinbase and Gemini are now able to buy protection in the event of an exchange hack or prolonged withdrawal downtime.

The project announced the new integrations on Monday as part of their “custody cover” initiative. Users who buy coverage will be eligible for compensation if the custodian gets hacked and the user loses more than 10% of their funds. Alternatively, the claim can be honored if the custodian suspends withdrawals for more than 90 days.

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