LONDON, May 7, 2024 /PRNewswire/ -- Nayms, the cutting-edge digital insurance marketplace, is thrilled to announce a groundbreaking collaboration with Coinbase, utilizing Coinbase Prime, Base, and Coinbase Web3 wallet. This launch aims to empower insurance companies, reinsurance funds, and capital providers by leveraging on-chain technology for seamless insurance transactions. Nayms' recent decision to build on Base, an Ethereum Layer2, incubated inside of Coinbase, sets the stage for a globally connected network to reinvent how institutional insurance markets operate.
Industry-Leading Infrastructure for On-Chain Insurance Transactions
Through this collaboration, Nayms, with the use of the Coinbase technology stack, will provide industry-leading infrastructure that enables insurance entities to transact directly on the blockchain. By utilizing Coinbase's Prime offering, insurance companies gain access to institutional-grade security and custody-a critical requirement for effective risk management. The integration of Coinbase's Web3 wallet with Nayms' marketplace facilitates secure capital deposits into segregated accounts and streamlines policy binding.
"We are very excited to introduce Coinbase to our insurance partners within the Nayms ecosystem," said Adam Adamson, Head of Business Development at Nayms. "The Coinbase Prime offering ensures top-tier security, which is paramount for any risk management company. Additionally, Coinbase's Web 3 wallet seamlessly connects with our marketplace, allowing efficient capital flow and policy management."
Unlocking New Opportunities for Traditional Insurers
The Nayms-Coinbase collaboration opens up fresh possibilities for traditional insurers. By providing the necessary tooling for on-chain operations, Nayms and the Coinbase product suite, empower insurers to navigate this dynamic landscape with confidence. As the crypto insurance market continues to grow, this collaboration promises to redefine industry standards and drive innovation.
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.
For more information on Nayms and investment opportunities, contact lachlan@nayms.com or visit the website directly.
About Coinbase Institutional
Coinbase Institutional is the market leader in delivering crypto solutions to global financial services companies. Built by experienced leaders from traditional financial services, Coinbase Institutional provides scalable solutions to institutional investors with industry-leading security and compliance. To learn more about Coinbase Institutional's solutions, click here.
Media Contact
Sarah George
Head of Operations
sarah@nayms.com
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