Blockchain-Based Insurance Marketplace Nayms Joins Cointelegraph's Accelerator Program
Summary:
Nayms, a blockchain-based insurance marketplace, has joined Cointelegraph's Accelerator Program. The firm links brokers and underwriters with crypto capital providers to harness blockchain potential in the insurance sector. By leveraging tokenization, Nayms enhances liquidity and eases investor entry and exit, allowing participants to share risk and rewards. The platform specifically targets blockchain-specific risks and offers crypto-based policies, blending decentralized finance elements and traditional regulatory compliance.
Nayms, a blockchain-based insurance marketplace uniting brokers, underwriters, and crypto-capital suppliers, has been welcomed into the Accelerator program by Cointelegraph. The insurance industry, grappling with obstacles such as costs, discerning customers, and fraud, holds enormous potential for transformation via blockchain technology.
Estimates suggest that by 2031, blockchain could facilitate a massive $32.9 billion insurance market. This decentralized, transparent technology can act as a secure, interoperable insurance data repository, a concept personified by Nayms.
Nayms streamlines the process of bridging capital providers with brokers using blockchain-based segregated accounts, established by third-party Sponsors to create customized insurance solutions. Upon approval of detailed business plans submitted by Sponsors, participation tokens are issued. These tokens signify a contractual interest in the assets and liabilities of a segregated account and are only traded in Nayms' marketplace. Investors fund these accounts with cryptocurrency, enabling underwriting for blockchain-specific risks using Nayms' Policy Builder.
Tokens democratize insurance by enhancing liquidity, easing investor entry, and exit, and allow a wider range of participants to share risk and rewards. Nayms specifically targets blockchain-related risks, such as cryptocurrency exchanges, custodians, and DeFi smart contracts, representing billions in uninsured value.
Through tokenization, Nayms also offers crypto-based policies, reducing currency risk for blockchain and crypto enterprises and providing traditional coverage types. The Bermuda Monetary Authority (BMA) regulates Nayms, and it is licensed under the Digital Asset Business Act 2018 and the Insurance Act 1978. Nayms is registered as a segregated accounts company, using a legal structure to issue segregated accounts for different risk pools, supporting precise risk management and operational efficiency.
By integrating the NAYM governance token, Nayms establishes a reciprocal marketplace incentive system, correlating rewards with marketplace performance through staking. The NAYM token facilitates participation, governance within the platform, and is distinct from the participation tokens used for insurance operations capitalization.
The NAYM token also enables staking and voting on governance issues tied to the Nayms Liquidity Facility (NLF). The NLF offers primary capital and liquidity for the secondary market on the Nayms marketplace. Nayms blends decentralized finance (DeFi) elements with traditional regulatory compliance, facilitating a secure, innovative insurance marketplace.
Collaborating with over 20 partners worldwide, Nayms aims to infuse liquidity into the insurance sector as an asset class, unlocking over $1 trillion of digital asset alternative capital to access this risk. Learn more about Nayms today.
Published At
4/3/2024 9:00:00 PM
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