Nayms

NAMES OR NAYMS?

Nayms is rebuilding Lloyd’s of London Names on the blockchain, to allows crypto-holders to invest in underwriting smart contracts that provide cover for crypto-related risk.

Insurtech Gateway incubated Nayms from their inception in 2018 and participated in their £1.5m Seed in January 2021. Nayms went on the secure and addional $6m for future NAYM token in June 2021 and after another token drive in April 2023 they were valued at $80m.

PROBLEM

There is roughly only $6bn of cover in the $330bn crypto-space. Insurance companies are underwriting Bitcoin, Ether and other cryptocurrency risk with Dollars and other fiat currencies. This poses a great pricing inaccuracy which is limiting capacity.

SOLUTION

Initially, the Nayms platform allows crypto-backed contracts to underwrite crypto risk.

Later, it will also utilise a stablecoin (cryptocurrency pegged to USD) to underwrite fiat risk. This will allow Nayms to become a new capital provision ecosystem for the insurance industry, with insurance contracts that are tradable, transparent and data driven.

Capital providers generate a yield on their assets, brokers gain efficient capital to underwrite risk and as the Nayms contracts are structured as Insurance Linked Securities (ILS), risk is fully transparent and liability is limited. These contracts can then be traded in the Nayms reinsurance marketplace, bringing liquidity to insurance and crypto markets alike.

NAYMS FOUNDERS

Dan Roberts (CEO) – Dan is a multi-award winning, serial entrepreneur with 8 years startup experience across FMCG, Digital Out of Home, Smart Cities and Healthcare with involvement in multiple blockchain businesses as Commercial Lead over the past 2 years.

Theodore Georgas (CTO) – Theodore is senior software engineer and software product manager with 20 years experience working with a range of technology systems. He has worked in technical roles for clients such as Deutsche Bank, Merrill Lynch and Lehman Brothers.