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Neptune Mutual, a decentralized multi-chain hedging protocol, announced it has raised a $ 3 million strategic round led by Animoca Brands. Other investors in this cycle also included Pacific Century Group, Genesis Block Ventures, Fundamental Labs, GSR, Cambium Grove Capital, and a number of other funds.
Neptune Mutual uses parametric hedging models to protect user funds against exploits of cryptocurrency exchanges, custodians, smart contracts and also metaverse projects. Unlike discretionary mutuals, Neptune Mutual’s parametric hedging products offer guaranteed payments to policyholders following incidents on the basis of impartial chain resolution by participants in NPM governance.
With investments in over 150 metaverse and NFT projects, Animoca Brands is the world’s leading player in creating and supporting open metaverse projects that bring digital property rights to users online. The game-to-win and creator business models underpin a fair and equitable digital framework in which the value of virtual assets grows rapidly; a solution to protect these assets is seen as a vital part of the metaverse ecosystem.
Yat Siu, Executive Chairman and Co-Founder of Animoca Brands, said, “As internet users build their digital properties and social identities in the open metaverse, and these assets become more valuable, risk mitigation solutions become a necessity. We support Neptune Mutual’s initiative to bring decentralized hedging solutions to the Metaverse and have confidence in the team’s ability to contribute to a safer and better protected environment for the entire crypto ecosystem.
Binod Nirvan, Founder of Neptune Mutual, said: “It is our privilege to earn the trust and support of Animoca Brands, thought leaders in the creative economy space. Neptune Mutual will strive to provide an efficient, reliable and easy-to-use solution for creators to protect the value of their NFTs and other virtual assets in the metaverse.
“Our gratitude to the DeFi experts at Genesis Block Ventures and Fundamental Labs, the traditional insurance experts at PCG (being the main investor behind the FWD insurance group) as well as our other strategic investors who have trusted the team. Neptune Mutual, ”co-founder Edward Ryall added.
About Neptune Mutuelle
To learn more about Neptune Mutual, please visit https://neptunemutual.com.
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