Coinbase Seeds Round $ 2 Million at Insurtech Firm Nayms

In short

  • Nayms is launching its first pilot, a digital insurance contract for Coinlist.
  • The company has partnered with MakerDAO to parallel smart insurance contracts with Dai stabilization.
  • The full launch of the platform will take place later in 2021.

London-based startup insurtech Nayms has closed a £ 1.5 million ($ 2 million) seed round led by XBTO.

Other investors include Coinbase Ventures, Maven11, and Insurtech Gateway. According to a press release shared with Decrypt, the latter is a current investor in Nayms and co-founded the project along with CEO Dan Roberts.

Insurtech – short for “insurance technology” – is a broad category of ever-changing technologies used in the insurance industry. Broadly, any technology used by an insurance company to increase the efficiency of its operations could be considered inadequate.

Nayms, an earlier Bermuda Financial Authority (BMA) sandbox graduate, applies insurtech to the world of digital assets, allowing investors to parallel cryptocurrency risks like electronic theft or assisted phishing attacks smart contracts.

According to the company’s website, its smart, traceable contract is built on a non-trusted system, which means insurance brokers can contract between market participants in an unlimited number of areas and share open trade value from ‘ such in the future.

“Nayms is on a mission with our growing ecosystem of investors, partners, advisors and our team to provide a tradable, transparent, traceable and trusted insurance contract for this risk category of digital assets that is emerging, ”CEO Dan Roberts said in a statement. .

One of Nayms’ clients, the crypto investment and trading platform Coinlist, is involved in the company’s first pilot, a digital insurance contract let by Breach Insured and covered by MakerDAO, another London-based investor.

Through its partnership with Nayms, Breach Insured is able to handle complex digital asset risks at scale, said the company’s CEO, Eyhab Aejaz.

Using Dai’s stablecoin to collate smart insurance contracts, Nayms is also looking to apply its technology to the broader insurance market. To achieve this goal, Nayms is planning several larger pilot programs, including the one with SafetyWing, a platform that offers global medical and health insurance coverage to remote companies and individuals.

With the funding secured and licensed with a full regulatory license, the company is now preparing for a full launch later in 2021 and a Series A funding round in Q1 2022, hoping to significantly grow its customer base and having capital market integrations ahead of time.