- Tech & Product DD
- Cryptocurrency & Blockchain
Code & Co. advises Insurtech Gateway on its investment in Nayms, a crypto-native insurance solution
Code & Co. advises investors on the Tech & Product Due Diligence focusing on Nayms' smart-contract functionality, software architecture, product roadmap, and tech-related GTM strategy.
- Nayms has closed a £1.5m seed round with Lead Investor XBTO Group alongside Coinbase Ventures, Maven 11 Capital, and Insurtech Gateway.
- Nayms introduces a Insurance-Linked Smart Contract to conduct efficient cover for the world of digital assets.
Insurtech startup Nayms has closed a £1.5m seed round led by XBTO, alongside other top investors across insurance, capital markets and crypto such as Coinbase Ventures, Maven11, the founders of Synthetix and Insurtech Gateway, who co-founded the project with CEO, Dan Roberts, from day one.
Nayms wants to allow crypto holders to invest in the underwriting of smart contracts on its crypto insurance marketplace to provide crypto-to-crypto insurance coverage of crypto losses. Nayms wants to solve this complex problem by defining insurance coverage parameters, all stakeholders, their roles, and liability in a virtual insurance contract that is stored on and executed by the blockchain.
In Nayms' vision, this virtual, 100% transparent contract is transferable to other parties and payouts are automated. While anonymity is guaranteed, all contract-related activity is trackable in (close to) real-time. The smart contracts codify the rules of how insurance risk can be placed, traded, reported, claimed, and settled. Nayms achieves this by utilizing Ethereum, a decentralized and open-source blockchain with smart contract functionality.
The cryptocurrency market is expected to reach a value of $11tn in the next 3 years. Greg Carson of lead investor XBTO said: "We are pleased to invest in the Nayms project alongside some of the top insurtech investors. We see insurance as an important spoke of the cryptofinance evolution."
Code & Co. advised investors on the Tech & Product Due Diligence of Nayms.
Code & Co. assessed Nayms' product, technology, and engineering capabilities with a focus on the company's smart-contract functionality, software architecture, product roadmap, and technical GTM strategy.
This venture is the latest example of why investors rely on Code & Co. for its sector expertise in deep-tech investments.
Code & Co. is an independent advisory firm specialized in advising funds in the global alternative investment industry. Our expertise is modern and holistic technology and product due diligence. From outside-in audits and confirmatory due diligence to portfolio audits, exit preparation, and vendor due diligence, we provide our clients with crucial insight across the entire investment life cycle.