Introducing the First Bitcoin Denominated Onchain Cover: Breaking Boundaries with cbBTC

With Bitcoin reaching new heights, it has never been more important to safeguard your onchain assets. That’s why we are launching the world’s first Bitcoin denominated cover, giving people a new way to protect their Bitcoin. This wouldn’t be possible without Coinbase’s innovative cbBTC, allowing us to unlock new use cases for crypto.

The First Bitcoin Denominated Cover

Until now, people and companies with Bitcoin exposure had to swap Bitcoin or take loans out to purchase cover products. With Bitcoin having established itself as an important global asset class, we knew it was time to offer a better solution. Leveraging our existing infrastructure and capital, we added support for Bitcoin denominated covers through cbBTC. 

This upgrade lets people protect their BTC deposits across many protocols on Base with coverage from the Base DeFi Pass. We also have coverage for Aave, Aerodrome, Ether.fi, Euler, Morpho, Lombard Finance and many more protocols!

“Bitcoin has long been seen as digital gold, so it only makes sense that people have the best available tools to secure it,” said Hugh Karp, Founder at Nexus Mutual. “Thanks to advances from Coinbase and cbBTC, we can help people easily protect their Bitcoin.”

To find the best Bitcoin cover option for whatever you do onchain, head to the Nexus Mutual dashboard or get in touchwith our team today!