The Bermuda-based company, which has Aon as a partner and regulatory approval, aims to create blockchain-based cells similar to Lloyds syndicates.
Nayms operates a public blockchain-based marketplace for insurance policies, and while the amount raised in the recent funding round was not disclosed, it is estimated to be around $3.5 million. Nayms has raised a total of $12 million in backing so far, with cumulative funding pegged at $8.4 million in mid-2021 according to Crunchbase. The funding round was led by UDHC, which is run by former senior members of the Maker Foundation, with participation from Tokentus and Keyrock.
UDHC CEO Steven Becker praised Nayms for extending traditional risk markets using blockchain technology, stating that Nayms has the potential to shape the future of risk pricing and management with its decentralised tools and features. While the initial focus of Nayms is on blockchain-related insurance, including cryptocurrency exchanges, custodians, and DeFi smart contracts, the company also plans to offer directors and officers liability insurance to crypto firms, and the coverage is not limited to blockchain-based policies.
Bringing on-chain capability to traditional markets
“As a fully-regulated marketplace for on-chain insurance, Nayms represents the next major step in risk transfer. Using blockchain technology, Nayms extends traditional risk markets using decentralised tools and features that take risk pricing and management to a new level,” said Becker. “Bringing on-chain capability to traditional markets creating a new, efficient, and transparent financial future is the primary focus of UDHC, and we believe the team at Nayms has the potential to shape that future.”
Nayms is now close to launching the first insurance programs backed by Nayms cells for companies such as Aon, Breach, and Evertas, the latter being a Lloyd’s of London coverholder. Each company will have its own cell or segregated account with its own token, as Nayms aims to bring on-chain capability to traditional markets, creating a new, efficient, and transparent financial future.