UK insurtech startup Nayms has closed a £1.5 million seed spherical led by XBTO, with Coinbase Ventures, Maven11, and the founders of Synthetix and Insurtech Gateway.
The London-based firm needs to insure digital property “by means of a collaboration between regulated underwriters/brokers and capital markets,” says CTO Theodore Georgas. Nayms is the infrastructure to make that occur.
The seed spherical coincides with the beginning of the corporate’s first pilot, a digital insurance coverage contract that covers digital theft and phishing, positioned by Breach Insured for his or her shopper, Coinlist.
The brand new funding allows Nayms launch bigger pilot packages in preparation for a full launch later in 2021, as soon as the enterprise receives a full regulation license from the Bermuda Financial Authority. From there the corporate hopes to construct its buyer base and work on capital market integrations earlier than its Collection A, which is deliberate for early subsequent 12 months.
The startup makes use of good contracts to collateralise cryptocurrency danger with matching crypto-assets, bringing insurance coverage with no FX-risk to an area that’s 96 % uninsured. Nayms has partnered with considered one of their traders, MakerDAO, to collateralise these ‘Good Insurance coverage Contracts’ with their stablecoin, Dai.
The hope is that this partnership will enable Nayms to increase outdoors of digital property and into the broader insurance coverage market. An upcoming pilot with SafetyWing, Norwegian startup insuring distant employees, will take a look at this out.
Photograph: Nayms co-founders Theodore Georgas and Dan Roberts