InsurTech听Nayms听has closed a 拢1.5 million seed funding round.听
The start-up, which will launch fully in 2021, has been backed by lead investor听XBTO alongside Coinbase Ventures, Maven11听and听the founders of听Synthetix听and Insurtech Gateway.听
The latter听co-founded the project with CEO Dan Roberts.听
The funding will enable听London-headquartered听Nayms听to continue launching larger pilot programs in preparation for a full launch later in 2021 following graduation from the Bermuda Monetary Authority sandbox into a full regulatory license.听
The project now has runway to build its customer base and work on capital market integrations prior to its Series A, planned for Q1 2022.听听
Nayms听uses smart contracts to collateralise cryptocurrency risk with matching听crypto-assets.听听
The company’s first pilot听programme听is听a digital insurance contract placed by Breach Insured for听its听client听Coinlist.听听
Breach CEO听Eyhab听Aejaz said:听鈥淭here is a well-documented shortage of re/insurance capacity available to digital asset risks and听in order for听Breach to scale our business to new markets and additional products, it is imperative for us to identify complementary sources of re/insurance capacity and collateral.听听听
鈥�Our partnership with听Nayms听allows Breach to cover complex digital asset risks at scale –听similar to听how this problem is solved for traditional catastrophic risk insurance in the P&C and Surplus Lines markets.鈥�听
Following the pilot,听Nayms听CTO Theodore Georgas said:听鈥淭his pilot represents a small but significant milestone for听Nayms听as we move into 2021 with accelerating traction.听听
鈥�It is our belief that the problem of scaling insurance protection for the digital asset space will be solved through a collaboration between regulated underwriters/brokers and capital markets.听Nayms听is building the infrastructure to facilitate this collaboration.鈥�听