This excerpt from Ian Allison’s piece for CoinDesk breaks the news of Evertas’ new partnership with Nayms that allows crypto insurance to be paid for on the blockchain.
Lloyd’s of London, the three-century-old insurance marketplace, is backing digital asset protection policies arranged on the public Ethereum blockchain that can be paid for natively, on-chain using cryptocurrency, courtesy of Lloyd’s coverholder Evertas and smart contract insurance provider Nayms.
It wasn’t so long ago that any kind of cryptocurrency insurance cover was hard to come by. Aside from the efficiency benefits of paying for policies in crypto and using a blockchain to streamline intermediary-heavy paperwork, a Lloyd’s of London consortium of syndicates backing crypto-native, on-chain insurance shows how far the industry has progressed in the last couple of years.
“What we’re enabling is for people using public blockchain infrastructure to interact with highly regulated, traditional, fiat-backed institutions in a way that is seamless,” said Evertas CEO J. Gdanski in an interview. “Whether it’s to pay in USDC or native crypto, or to place policies completely on-chain with the blockchain helping coordinate between a broker, the insured, and the insurers, we think this is a seminal piece of infrastructure.”