Neptune Mutual pulls in $5.3m for parametric digital asset protection

Neptune Mutual, a marketplace for parametric coverage protection of digital assets, has closed a private funding round of $5.3m.

Investors included exchange venture funds from, Gate io, Bitmart, LD Capital,  Mapleblock Capital, Pulsar Global, The DuckDao, Dweb3, and Lux Capital; and funds with DeFi user communities, such as Poolz Finance, BSC Army, Whitelist Ventures and the CryptoLark, amongst others.

Neptune Mutual provides a marketplace for parametric cover 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.

This private round follows on from the $5m of capital raised previously in Neptune Mutual’s seed and strategic rounds from investors such as Fenbushi, Coinbase Ventures, Animoca Brands, GBV Capital, Huobi, OKX and a number of other crypto-native funds.

Leslie Tam, founder of GBV Capital and a strategic investor of Neptune Mutual, said, “We are a very active investor in the DeFi space and we have studied DeFi cover initiatives since 2020.  We are bullish on the experience and drive of the team at Neptune Mutual and are  delighted to be an early investor.

“We believe their approach to offer a stablecoin based return for liquidity providers is the sustainable solution for the space. It’s good to see their active efforts in engagement and partnership bear fruit as they extend their coverage to a large part of the active DeFi space.”

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