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Coinbase-Backed Insurance Alternative OpenCover Debuts on Layer 2 Blockchain Base
OpenCover, which raised $4 million in a seed round led by the likes of NFX and Jump Crypto, received a $200,000 funding bump from Coinbase to bolster its debut on Base.
Updated Apr 9, 2024, 11:06 p.m. Published Sep 7, 2023, 2:21 p.m.
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OpenCover, a distributor of decentralized insurance aimed at cryptocurrency and Web3 platforms, has gone live on Base, the Ethereum overlay blockchain built by Nasdaq-listed U.S. crypto exchange Coinbase (COIN). The mutual insurance provider also received a Base ecosystem funding bump from Coinbase.
OpenCover is working with decentralized finance (DeFi) cover provider Nexus Mutual, which allows investors to collectively govern pools of capital to provide insurance-like cover under the auspices of a U.K.-based discretionary mutual.
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Insurance within the crypto industry is sparse, and experimental areas like DeFi present a set of risks that even digital asset underwriting specialists tend to shy away from. On the other hand, there exists an excess of capital looking to be deployed by DeFi cover pioneers like Nexus Mutual.
OpenCover, which raised $4 million in a seed round led by the likes of NFX and Jump Crypto, received a $200,000 funding bump from Coinbase to bolster its debut on Base, according to OpenCover CEO Jeremiah Smith.
The insurance alternative, which is also rolling out on Optimism, another Ethereum layer 2 blockchain, is working with Aave, Uniswap, Curve, Safe, Morpho, Synthetix, Beefy, Angle, 1inch and Yearn, Smith said.
“OpenCover is an insurance alternative and cover aggregator that essentially offers protection against protocol failures, such as what happened with Curve a few weeks back,” Smith said in an interview with CoinDesk. “We have $200-plus million in underwriting capital from Nexus that is now directly accessible for the very first time on a layer 2.”
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Yang perlu diketahui:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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How the ultra-wealthy are using bitcoin to fund their yacht upgrades and Cannes trips
Cometh founder Jerome de Tychey is applying DeFi lending and borrowing on platforms like Aave, Morpho, and Uniswap to structures that help the ultra-wealthy secure loans against their massive crypto fortunes.
Yang perlu diketahui:
- Wealthy investors who hold much of their fortune in crypto are increasingly turning to decentralized finance platforms to secure flexible credit lines without selling their digital assets.
- Firms like Cometh help family offices and other rich clients navigate complex DeFi tools, using assets such as bitcoin, ether and stablecoins to replicate traditional Lombard-style collateralized loans.
- DeFi loans can be faster and more anonymous than traditional bank credit but carry volatility and liquidation risks, and Cometh is also experimenting with applying DeFi strategies to traditional securities via ISIN-based tokenization.
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