Crypto insurance is a 270 billion dollar opportunity but to date roughly only 5% of the market is covered. Enter Nayms, a new crypto insurance marketplace that aims to service the other 95%. We spoke to co-founder and CEO Daniel Roberts about the problem he is solving.

“As the insurance market becomes increasingly knoweldgeable about the emerging risk class of digital assets, it is vital that the means of underwriting such risk is done so in a way that will scale as the crypto-currency market grows.”

Demand for digital asset insurance is strong, from custodians and exchanges to retail and institutional investors. All players are seeking some sort of cover whether for cold storage or more comprehensive cover. Nayms offers a marketplace to source capacity for brokers who represent these participants.

In practice a broker places a smart contract on the Nayms platform that is then collateralised by capital providers. Contracts are coded to include interesting characteristics such as tradability and instant settlement using loss triggers.

“The service tracks network activity in real time so you can appease many parties simultaneously whether that’s local brokers, regional brokers, underwriters, re-insurers, assets managers or the insured party – all stakeholders are immutably connected around this single contract of insurance.”