In a move that could point towards greater decentralization and wider access, the Nexus Mutual community is currently considering a proposal to sunset the coverage protocol’s legal entity and lift Know Your Customer (KYC) burdens currently necessary to interact with the platform.
The proposal was announced yesterday in a Tweet by investment fund 1kx co-founder Christopher Heymann. In it, Heymann notes that Nexus originally launched with a “a UK-based limited company” in order to protect the team from legal liabilities and tax-related issues.
1/ Attention Nexus Mutants: Nexus Mutual is evolving.
We are launching Operation Wartortle with the goal of sunsetting the legal entity behind Nexus Mutual, which would remove the requirement to KYC for NXM token holders. https://t.co/BKg6Jdkips
— Christopher Heymann (@HeyoChristopher) April 22, 2021
However, Heymann argues that the DAO, with over 3,500 global members, is now sufficiently decentralized and no longer needs a “legal wrapper” in the form of a limited company.
In addition to shedding a superfluous legal entity,