Nayms, a blockchain-based tokenized insurance marketplace, has become the latest participant of Cointelegraph Accelerator
The insurance industry is a major market that can benefit from the blockchain revolution. Faced with many challenges, including costs, discerning customers and fraud, the insurance sector, blockchain can pave the way for a $32.9 billion market for the insurance world by 2031. The distributed and transparent nature of the technology enables a comprehensive, secure and interoperable repository of insurance-related information.
Participation tokens represent a contractual interest in the assets and liabilities of a segregated account and are sold only in Nayms’ matching market, allowing investors to fund the accounts with crypto. The capital raised supports the underwriting of blockchain-specific risks, with insurance contracts crafted using Nayms’ Policy Builder.
Offering crypto-based policies minimizes currency risk for blockchain and crypto businesses while providing traditional coverage types like directors and officers against governance-related liabilities and errors and omissions insurance for professional mistakes.
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