Neptune Mutual raises $5.3 million

Neptune Mutual closed a private round of $5.3 million.  

Founded in 2021, Neptune Mutual is a marketplace for parametric coverage protection of digital assets against hacks and exploits.

Stakeholders can choose to assume one or multiple roles, for example, a cover pool creator can also choose to become a liquidity provider. Cover pools are open to anybody who is looking either to purchase a cover policy for digital asset protection, or anybody looking to earn rewards by providing liquidity to cover pools of projects they support.

A policyholder is guaranteed a payout in case of an incident resolution, without having to make an individual claim for proof of loss, and above all without having to worry whether this claim will be accepted or denied.

Cover pools are chain agnostic and the denomination of cover pools are in stable coins, both for liquidity provider and cover purchaser. This removes the link between cover pool liquidity (and returns) and project token or ETH prices; in so doing it removes an important element of risk and volatility for both cover purchasers and liquidity providers.

This private investment follows Neptune Mutual’s $5 million seed and strategic round.