Nexus Mutual, established in 2017 by Hugh Karp, offers Ethereum users an innovative insurance alternative. It provides coverage to safeguard against potential financial losses incurred while transferring funds into smart contracts of various protocols or entrusting funds to a custodian. Operating as a discretionary mutual, Nexus Mutual assigns NXM tokens to its members, symbolizing their proportional ownership within the mutual. As members, individuals assume responsibility for governance, capital provision, and evaluating risks and claims.