Crypto-native insurance marketplace Nayms has become the first platform of its kind to become fully-regulated in Bermuda.
The Bermuda Monetary Authority (BMA) has given Nayms both the full Digital Asset Business Act licence and Innovative General Business Insurance licence which enable Nayms’ insurance partners to conduct regulated insurance business on-chain for the first time.
Insurance brokers can place a contract between market participants in a limitless number of areas on the Nayms platform, and share in the future value of the open trade.
Crypto investors wrap assets into Nayms Smart Contracts platform, providing cover for crypto-related losses of the same denomination.
The contract is immutable and preset by brokers and asset managers so risk is transparent, Nayms says.
Dan Roberts, CEO of Nayms, says: “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 Bermuda Monetary Authority, who have allowed Nayms to grow within a developed regulatory framework.
He adds: “We look forward to taking this relationship forward, and furthering the innovation Bermuda is providing by scaling the Nayms marketplace on island.”
