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In a world where technology is advancing at a rapid pace, the insurance industry can seem somewhat archaic. That’s where Nayms comes in, a London-based startup that is transforming the traditional insurance market with its innovative smart-contract platform. Nayms is a marketplace for the placement, trade, reporting, and settlement of insurance risk, allowing cryptocurrencies like BTC and Eth to underwrite digital asset risk. In this startup showcase, we’ll explore how Nayms is revolutionising the insurance industry and changing the way we think about risk management and protection.
Smart contracts – the future of insurance
Smart contracts have been hailed as a game-changer for the insurance industry, as they can automate many of the processes involved in underwriting, policy issuance, and claims management. Nayms’ platform harnesses the power of smart contracts, providing a secure and transparent way of managing insurance policies. Brokers place these digital contracts of insurance between buyers and sellers, ensuring that all parties are on the same page when it comes to policy terms and conditions. By utilising a decentralised blockchain, transactions are recorded in a tamper-proof manner, bringing trust and security to the forefront of insurance activities.
Protecting digital assets with Nayms
The digital asset space has exploded in recent years, with cryptocurrencies like Bitcoin and Ethereum gaining popularity among investors worldwide. However, with the rise of digital assets comes the need for appropriate insurance protection. Nayms recognises this need and allows cryptocurrencies to underwrite digital asset risk, matching assets with liabilities to ensure premiums are reduced and payouts and premiums are paid in native currencies. This creates a liquid, financial market with appropriate insurance protection, which is vital for the health of any growing market.
The power of stablecoins
One of the most exciting features of Nayms’ platform is its ability to utilise stablecoins to underwrite USD-denominated risks. This opens up the product to a whole variety of insurance perils globally, providing more extensive coverage and expanding Nayms’ customer base. A stablecoin is a digital currency that is pegged to a fiat currency, such as the US dollar. By using stablecoins, Nayms can offer its users the security and stability of fiat currencies, while still harnessing the power of blockchain technology.
Nayms is a startup that is disrupting the insurance industry with its smart-contract platform. By leveraging the power of blockchain technology, it is streamlining insurance processes, enabling the underwriting of digital assets and providing more extensive coverage using stablecoins. Nayms has the potential to change the way we think about risk management and protection, and we are excited to see where this innovative startup goes in the future.
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