Nayms has launched its first fully capitalized insurance program on the Nayms Marketplace. It represents an innovative use of smart contracts on the Ethereum network, providing secure, efficient, and transparent insurance solutions.
The first fully capitalized insurance program on the Nayms Marketplace
Nayms, the world’s first fully-regulated marketplace for on-chain insurance, has achieved a significant milestone with the launch of its first fully capitalized insurance program. This groundbreaking development showcases Nayms’ commitment to transforming the insurance industry through the utilization of smart contracts on the Ethereum network, providing secure, efficient, and fully transparent insurance solutions.
The Nayms Marketplace introduces a paradigm shift in the insurance landscape by establishing an on-chain ecosystem that brings together insurers, insureds, capital providers, brokers, and underwriters. This ecosystem facilitates various insurance processes, from capitalizing balance sheets to premium payments and claims.
By leveraging blockchain technology and its marketplace, Nayms revolutionizes the insurance sector by encouraging an alternative source of capital through the rapid growth of the cryptocurrency market. This approach empowers insurers to access additional capacity for underwriting risks, enabling them to offer more comprehensive coverage, meet growing demand, and effectively address emerging risks.
The launch of the Nayms Marketplace on the Ethereum network marks a significant milestone in Nayms’ journey. Furthermore, Nayms has raised $500,000 USDC in its first segregated account, with targeted annual returns averaging around 15%.
Dan Roberts, CEO and Co-Founder of Nayms, said: “Building something simple is complicated. It requires a solution that is highly comprehensive to seem sleek, streamlined, and intuitive.”
“Nayms has now officially gone from 0 to 1 with the launch of our first insurance program, and we can’t wait to showcase all the other opportunities to the market as they go live. We have now introduced insurance as an asset class to the digital asset space,” Dan added.
With the first fully capitalised insurance program, Nayms unveiled a range of new investment opportunities for participants in the (re)insurance market. These opportunities allow investors to diversify their portfolios, access untapped markets, and benefit from the growth potential of the evolving insurance landscape. The potential returns for these investment opportunities are as follows:
- Industry Loss Warranty Reinsurance at a 15-20% return
- Excess Cyber Liability Insurance at a 10-15% return
- Smart Contract and Bridging Insurance at a 12-15% return
- Smart Contract Hack Captive Insurance at a 12-14% return
Nayms mentioned that as it continues to expand its marketplace and attract new participants, it will foster collaboration, trust, and innovation within the reinsurance industry.
Nayms represents new technology for the insurance participants of the future, offering a robust back-end infrastructure capable of conducting truly digital insurance with the market, for the benefit of coverholders.
Nayms recently closed its private token sale. Led by UDHC, a prominent DeFi investor led by the former senior team at the Maker Foundation, the round raised $12 million. Notable participants in the round included long-standing supporters like New Form, Tokentus, and Keyrock.