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Highlights:
- Crypto Payment for Insurance: Evertas and Nayms have introduced on-chain insurance policies backed by Lloyd’s of London, allowing payments directly in cryptocurrency on the Ethereum blockchain.
- Blockchain Integration: The initiative streamlines the insurance process by using blockchain technology to facilitate transactions and coordination between brokers, insurers, and the insured.
- Expanded Coverage: Evertas now offers policies with limits up to $200 million for crypto mining operations, following its acquisition of Bitsure, and emphasizes fast claims processing and clear coverage terms.
Evertas, a Lloyd’s of London coverholder specializing in cryptocurrency insurance, has partnered with Nayms, a smart contract-based insurance marketplace, to offer on-chain insurance policies. These policies, backed by Lloyd’s of London and arranged on the Ethereum blockchain, can now be paid for using cryptocurrency.
This development marks a significant advancement in the industry, moving from the difficulty of obtaining cryptocurrency insurance to offering streamlined, crypto-native policies. Evertas CEO J. Gdanski emphasized the integration of blockchain infrastructure with traditional, fiat-backed institutions, highlighting the efficiency of paying in USDC or other cryptocurrencies and using blockchain to facilitate interactions between brokers, insurers, and the insured.
Nayms, inspired by Lloyd’s “Names,” serves as a digital platform connecting brokers and underwriters with crypto capital. Evertas, which provides insurance for custodians, exchanges, and bitcoin mining operations, recently expanded its offerings by acquiring Bitsure and now provides policy limits of up to $200 million per mining location. Nick Selby, Evertas's head of European underwriting, noted the firm's deep crypto expertise and commitment to clear coverage terms and rapid claims processing.
