Nayms creates crypto-captive initiative on Bermuda

18-05-2022

Nayms creates crypto-captive initiative on Bermuda

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Cryptocurrency reinsurance platform Nayms has become fully-regulated in Bermuda and is launching a cryptocurrency-linked captives initiative.

The company said it now holds both the full Bermuda-issued 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.

According to the company it is the world's first crypto-native insurance marketplace to set up on the Island. The company has spent the last two years in the Bermuda Monetary Authority sandbox holding both DABA Class M and IGB licences.

Nayms has also launched the crypto-native captives initiative. The company said that its infrastructure is the only environment globally where crypto projects can hold treasury assets or their own native token in a regulated captive.

The first captive will be run by decentralised custody solution, Qredo, who commented: “Qredo believes that insurance products are a bedrock to enabling and underpinning the security and confidence of cryptoasset frameworks. Offering depth into this space is something the team is keen to do given the market is still forming. We're excited to participate in building a crypto-native captive and plan to use this to add depth not only to the Qredo insurance offering but also, in time, the market in general to support the amazing underwriting partners we've worked with so far. Every step helps accelerate the adoption of cryptoassets in the traditional markets.”

Nayms added 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.

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