A Note On What Just Happened
Last month the Koala program went live on Nayms. It’s a small $500k pool covering their flex travel product. Despite the small size however, I wanted to list out what needed to be achieved to reach this milestone, all of which is now ready and in place for a whole movement of Insurtech businesses and new products that can access capital through the innovation of Nayms, at scale:
- Licensing
Not one but two full regulatory licences later, we’re able to carry out our business in a compliant way, and provide companies all around the world with access to our technology.
- Fully Comprehensive Legal Integration
A legal set-up that incorporates the multitude of insurance and digital asset specific processes, and integrates these processes into our technology. This enables our customers to set up fully functioning, comprehensive insurance programs and offers capital markets access to real world assets, tokenised and on-chain.
- 3 smart contract audits, 152,000 lines of code and many…..many….many conversations.
The immutability of smart contracts is both beautiful and challenging, in that we must fully audit our code before we publish to mainnet. This creates a different dynamic to launching and iterating as you go, a process so necessary when working towards product-market-fit. Our foundational contracts are fully audited by Quantstamp and are ready to go.
- Capital providers
There are a huge number of options for capital allocators to park their funds, and with high interest rates the competition for investors’ attention is even higher. We believe that we have designed and are now introducing a truly unique asset class that brings real, sustainable, uncorrelated returns for investors that haven’t traditionally had access to such exposure.
- $12m+ funding
We’ve raised $12m over 3 rounds over 2 years to grow our team, invest in technology and research, iterate where appropriate and bring our solution to the market. We’re now able to onboard a substantial volume of business based on this investment and look forward to more milestones in the future.
- A collaboration between the team, partners, investors, advisors, regulators and others.
Growing a team is tough to get right, let alone growing a whole ecosystem of stakeholders. For us it starts with a harmonious and clear work culture. We haven’t always got this right, but are very proud of where we are and where we’re going with our team. They are a team that our wider community should feel proud of too.
- 3 crypto crashes.
I couldn’t leave this post without a nod to the amazing work of crypto-market stability, that has thrown significant turbulence our way during our build process. Nothing can keep us down, and now we’re ready to go!
So after all this what does our first program actually mean? It means that the premiums earned by this program are not for Lloyds of London, are not for large insurers, but are for individuals and small funds. We have a whole wave of programs to come, and the earnings from these insurance pools will be open to such investors too. Those that have never had access to such returns before.
We have built something new.
Welcome to Nayms.
