A remote team spanning thousands of kilometers across the globe, working with crypto assets on a digital insurance marketplace. Ten years ago, you might be forgiven for thinking this was the far-flung dream of a financial futurist – but today, in 2022, this is the reality being built by Nayms’ CEO and co-founder Dan Roberts (pictured) and his colleagues.
Roberts spoke to Insurance Business as crypto investors looked to recover from a “crash” that reportedly saw $2 trillion wiped off the market’s value since its November peak.
The event has driven insurance front of mind for crypto platforms and businesses, Roberts said, with insurance becoming a “main topic” at recent Florida blockchain conference Permissionless.
“We don’t want these kinds of crashes to happen, just because of [how it affects] the reputation of the market and so forth,” Roberts said.
“[But one positive] is it makes sure that good projects who survive become better and more robust, and some weaker projects tend to be sifted out.”
According to Roberts: “For us, it’s a further need for an evolved, diverse, mature insurance ecosystem within the market.”
This is something that Nayms – named after Lloyd’s of London’s Names – intends to deliver. The blockchain start-up’s insurance marketplace got the green light for two licenses from the Bermuda regulator last month after two years in its sandbox.
Supply and demand
“Everyone in the crypto space is after some sort of cover, whether that’s tech errors and omissions or directors’ and officers’, crime, cyber, cold storage, protection, whatever it might be, there’s lots of demand for insurance,” Roberts said.
It may have shrunk in recent months with currencies such as Bitcoin plummeting in value, but the global cryptocurrency market cap – as of Thursday, May 26, when Roberts spoke to Insurance Business – sat at $1.29 trillion, according to tracker Coin Gecko.
Continue reading: https://www.insurancebusinessmag.com/us/news/technology/crypto-insurance--how-the-market-is-expanding-407783.aspx
Roberts spoke to Insurance Business as crypto investors looked to recover from a “crash” that reportedly saw $2 trillion wiped off the market’s value since its November peak.
The event has driven insurance front of mind for crypto platforms and businesses, Roberts said, with insurance becoming a “main topic” at recent Florida blockchain conference Permissionless.
“We don’t want these kinds of crashes to happen, just because of [how it affects] the reputation of the market and so forth,” Roberts said.
“[But one positive] is it makes sure that good projects who survive become better and more robust, and some weaker projects tend to be sifted out.”
According to Roberts: “For us, it’s a further need for an evolved, diverse, mature insurance ecosystem within the market.”
This is something that Nayms – named after Lloyd’s of London’s Names – intends to deliver. The blockchain start-up’s insurance marketplace got the green light for two licenses from the Bermuda regulator last month after two years in its sandbox.
Supply and demand
“Everyone in the crypto space is after some sort of cover, whether that’s tech errors and omissions or directors’ and officers’, crime, cyber, cold storage, protection, whatever it might be, there’s lots of demand for insurance,” Roberts said.
It may have shrunk in recent months with currencies such as Bitcoin plummeting in value, but the global cryptocurrency market cap – as of Thursday, May 26, when Roberts spoke to Insurance Business – sat at $1.29 trillion, according to tracker Coin Gecko.
Continue reading: https://www.insurancebusinessmag.com/us/news/technology/crypto-insurance--how-the-market-is-expanding-407783.aspx
