According to CoinDesk, Nexus Mutual, a crypto insurance protocol, has requested $153,500 in NXM tokens to fund its operations for the next six months. The majority of the funds will be allocated to salaries, with the remaining amount going towards travel, infrastructure for the project's Discord server, and research and development. Nexus Mutual is an Ethereum-based insurance alternative that provides coverage for loss of crypto funds using assets supplied by its members, who earn interest for carrying the risk. The funding request represents a 41% decrease from the project's previous team budget, largely due to nearly $100,000 in unspent funds designated for the former head of marketing, who left in August.
Marketing responsibilities will now be handled by Nexus Mutual's Community team, with plans to eventually fill the role, according to Community team lead BraveNewDeFi. The team aims to build up the community and increase member activity in the mutual over the next six months. The protocol expects a significant impact on sales of coverage policies and premium growth as a result of its partnership with crypto reinsurance project Cover Re. Nexus Mutual's DAO, the project's governing body of NXM token owners, will vote on the budget proposal between January 30 and February 5.