Nexus Mutual, a digital cooperative, and Argent, a non-custodial Ethereum wallet, are excited to announce the first deposit protection for cryptocurrency wallets. The pilot is another step in Argent and Nexus’ efforts to make crypto accessible to everyone.
Deposit protection will be enabled by Nexus’ Smart Contract Cover. It’s the first product of its kind, allowing Nexus members to assess smart contracts and vouch for them with crypto assets if they’re satisfied with their quality. Argent will use Nexus’ system to vouch for its own smart contract architecture, highlighting its confidence in its security model.
Argent’s CEO, Itamar Lesuisse, said: “We want to make crypto easier for all while raising the bar for security. Our smart contracts have been triple audited, had a bug bounty program and been battle tested since launch.”
Argent’s smart contracts have allowed it to radically improve crypto wallet security. The Argent wallet, while non-custodial, offers the simplicity and security of the best new banking apps. You can recover it without a seed phrase, lock it, approve large transfers and set a daily transaction limit.
Nexus Mutual’s Founder, Hugh Karp, said: “More and more assets are getting stored in smart contracts, from DeFi to DAO’s as well as smart wallets like Argent. Unfortunately, even with improving security practices there is a non-zero risk of smart contract failure. We believe Smart Contract Cover is a fundamental piece of financial infrastructure for the Ethereum community.”
Nexus Mutual will fully activate once the mutual raises 12,000 ETH. Risk Assessment is fully operational right now and members of Nexus Mutual can stake against Argent’s smart contracts and earn rewards when Argent purchases cover. The level of cover Argent purchases will be finalised after a trial period once Nexus is fully activated.
If you’d like to get involved with Nexus Mutual:
- Join as a Member -> KYC + 0.002 ETH fee:
- Buy NXM Tokens -> Contribute ETH into the DAO.
- Stake NXM tokens against Argent’s smart contracts. Enter 0xB1dD690Cc9AF7BB1a906A9B5A94F94191cc553Ce as the contract address.
If you’d like to set up a radically better crypto wallet, download Argent here