NAMES OR NAYMS?
Nayms is rebuilding Lloyd’s of London Names on the blockchain.
Nayms allows crypto-holders to invest in underwriting smart contracts that provide cover for crypto-related risk.
There are roughly only $6bn of cover in the $330bn crypto-space. This is preventing a tremendous amount of institutional capital from entering the market.
Insurance companies are looking to underwrite Bitcoin, Ether and other cryptocurrency risk with Dollars and other fiat currencies. This poses a great pricing inaccuracy which is limiting capacity.
Initially, the Nayms platform allows crypto-backed contracts to under-write crypto risk.
Later, it will also utilise a stablecoin (cryptocurrency pegged to USD) to underwrite fiat risk. This will allow Nayms to become a new capital provision ecosystem for the insurance industry, where assets are always matched to liabilities.
Capital providers generate a yield on their assets, brokers gain efficient capital to underwrite risk and as the Nayms contracts are structured as Insurance Linked Securities (ILS), risk is fully transparent and liability is limited. These contracts can then be traded in the Nayms reinsurance marketplace bringing liquidity to insurance and crypto markets alike.
“This project is particularly exciting because it is actually solving a real problem using blockchain and smart contracts in the world of insurance.”
Roland Haggins, Caricom Director, Aion
Over the past 3 months I have been exploring the general marriage between insurance and blockchain with InsurTech Gateway. […]
Over the past 5 months, a small team of entrepreneurs have been hard at work on a new project. The […]
“The stats for startup success aren’t always encouraging. It is clear that a key partner is needed to raise an initial concept above the noise and therefore vastly increase the likelihood of building a sustainable company. Insurtech Gateway are that key for Nayms. They bring a multitude of strengths across insurance expertise to fundraising support and we look forward to working with them over the years to come.”
Dan Roberts, Co-Founder at Nayms