Nayms has said that it has become the world’s first crypto-native insurance marketplace to become fully regulated in Bermuda.
According to the firm, it now holds both the full Digital Asset Business Act licence and Innovative General Business Insurance licence, allowing their insurance partners to conduct regulated insurance business on-chain for the first time.
Dan Roberts, CEO of Nayms, said: “It is very rewarding to see the hard work of the Nayms team pay-off as we reach this critical milestone. It has been a very positive experience working with the BMA, who have allowed Nayms to grow within a developed regulatory framework. We look forward to taking this relationship forward, and furthering the innovation Bermuda is providing by scaling the Nayms marketplace on island.”
In a statement, Nayms said that a number of insurance programs run by leading companies such as Aon and Breach will be going live post-launch, with plans to grow these programs into a transparent, tradable and trusted environment for placing insurance risk, and into a fully-fledged marketplace for efficient risk transfer as activity grows.
Nayms said it was also able to launch a second initiative: Crypto-native Captives. The Nayms infrastructure is now the only environment globally where crypto projects can hold treasury assets or their own native token in a regulated captive, a widely used structure in traditional markets for self-insurance. The first captive will be run by decentralised custody solution, Qredo.