Insurance Topic - Each day NEXO is becoming more and

Question

Insurance Topic - Each day NEXO is becoming more and

more a platform to my liking. Yet, there's the issue of the insurance that prevents me (and my friends) to add more funds to our wallets.
While NEXO publishes it is insured by respectable organs in the amount of $375M (max), the terms are rather vague. What would happen in the case of bankruptcy, or a vast hacking-attack where all (or most) of the clients' funds would be lost? Who will be reimbursed – and to what extent – by the insurance pool? And in which order? After all, it's obvious that $375M would not be enough to cover the lost NEXO's billion$ held funds.
NEXO is not alone in this insurance lacuna. The first platform to provide a personal insurance with full coverage of potentially lost-funds, much like the FIAT (i.e, old world regulated) banks offer, will see a massive influx of users and funds.

#cryptocurrency #english #nexo

0

14.03.2022

6 ответов

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Moshood Abu

Moshood Abu
Bear in mind that the 375 million insurance isn't ...

Plus banking licences are on the way

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14.03.2022

Rob Nexo

Moshood Abu
Plus banking licences are on the way

Indeed

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14.03.2022

I Автор вопроса

Moshood Abu
Bear in mind that the 375 million insurance isn't ...

Ty. Yet this "rest assured" model is not satisfying. I still remember the embezzlement in the respectful mycred platform in 11/2020. People lost millions.

0

14.03.2022

I Автор вопроса

It is, else i would not use it. I am just saying that had the insurance was better i would have added much more funds (and i know many would do the same).

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14.03.2022

Moshood Abu

I
It is, else i would not use it. I am just saying t...

The insurance is just marketing, plenty other loan company has access to the same insurance

0

14.03.2022

Moshood Abu · Accepted Answer

Moshood Abu

Bear in mind that the 375 million insurance isn't only for Nexo as other crypto backed loan services also use the underlying insurance. Rest assured that nexo's business model is sound and has been stress tested. All loans are overcolaterized!

0

14.03.2022

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