Nayms and NEAR Foundation Partner to Grow Smart Contract and Bridging Insurance Availability
Growth of companies operating smart contracts is about to become a bit safer, thanks to leading insurance marketplace, Nayms, their insurance vehicle at MetaRisk, and NEAR Foundation. NEAR Foundation is launching a partnership to support the underwriting platform at Nayms to enable them to provide a novel insurance product insuring against smart contract hacks as well as bridging insurance. Together, NEAR and Nayms will be progressing new insurance models to underwrite risk among NEAR-based companies, and within the NEAR ecosystem. This new on-chain product will be backed by capital being sourced from insurance pools of institutional and retail investors with double digit returns, while backing insurance for companies that have exposure to smart contract hacking. The coverage has the ability to help insure companies can make their clients whole, thereby allowing them to protect their assets and their reputations.
Smart contract insurance is quickly becoming one of the highest demanded covers in the industry. With a growth in hack events growing 75% year over year, companies are looking for a solution to protect their business and reputation more. The policies issued by Nayms will be some of the first regulated and licensed policies issued in the industry, allowing clients the security of a Bermuda regulated insurance company providing protection.
Bridging insurance is a relatively new line of protection, allowing institutional partners the ability to move their assets from one blockchain to another with the security of knowing there is coverage in place should an event occur.
“NEAR Foundation is excited to partner with Nayms to bring the multi-trillion dollar insurance market on-chain through novel risk underwriting products,”
said Lei Lei, Head of Institutional at NEAR Foundation.
Nayms continues to develop new innovative platforms to disrupt the billion dollar insurance industry through its blockchain based insurance market. For information about this new insurance program and how you can be a part of Nayms, please contact the Business Development team, Adam Adamson or Lachlan Douglas Ferguson.
About Nayms
Nayms SAC Ltd. is the world’s leading crypto-native insurance marketplace. The company is registered and regulated in Bermuda with licences for both insurance (IIGB) and digital asset (DABA Class F) business. It operates as a bridge between alternative capital and a wide variety of property and casualty risks. It provides the technical and legal infrastructure over which relevant stakeholders, including insureds, insurers, brokers, and underwriters, can come together to capitalise and transfer risk on-chain. Building on Ethereum and Base, Nayms’ diverse team uses smart contracts to enable on-chain insurance placement and crypto-native transactions for collateral, commissions, premiums, and claims.
About NEAR Foundation
NEAR Foundation is a collective, a foundation, and a development platform built on a new layer-one blockchain but also a developer-friendly, proof-of-stake, public blockchain. The climate-neutral platform is built on a sharded, proof-of-stake, layer-one blockchain designed for usability. The NEAR protocol allows developers to quickly get started using NEAR without having to rewrite existing dApps or learn new development tools.
