Nayms Secures an Additional $6m for Future NAYM Token
Having secured its $2.1m seed funding round in January this year, Nayms brings in a new cohort of investors who have subscribed to a future listing of the project’s native token, NAYM. This new cohort includes some existing investors, including XBTO, Maven11 and Coinbase Ventures, whilst welcoming in the likes of Spartan Ventures, DFG, LD Capital, Cadenza, Woodstock, and Kin Insurance CEO, Sean Harper. These investors are among 20+ funds and angels across the digital asset and insurance market who are partaking in the NAYM token round.
Nayms CEO, Dan Roberts, said:
“We were lucky enough to have such an oversubscribed round, allowing us to be highly selective with whom we brought into the project. The additional expertise across capital markets, legal and compliance, token economics and community building will continue to help us support the growing insurance movement within the digital asset space.”
The new funding is already having a positive effect on Nayms, with some senior positions being filled at the company. David Verbeeten, who acted as the insurance lead at Consensys, joins the Nayms team as Chief Commercial Officer. In addition, Tyler Skelton, previously CFO of Bakkt Trust Company – an early crypto project to take a pro-regulation approach – joins the Nayms team as Head of Finance. Nayms now sits as a team of 12 with 2 additional insurance hires to follow in the coming months.
David Verbeeten said:
“I appreciate the potential of blockchain for coordinating stakeholders over shared infrastructure, including marketplaces. It makes financial and technical sense to insure digital assets with digital assets.”
The growing team will help the project move towards a successful launch of the NAYM token, designed to enable participants on the Nayms Insurance Market to share in the growing value of the network. The token intends to capture fees from contract placements, trading activity and growing collateral on the protocol. Nayms believes its token will align incentives across capital providers, underwriters, brokers and insureds, promoting healthy insurance placement and risk trading.
Tommy Quite of Flow VC, a new fund that has also participated, said:
“We are very pleased to back Nayms together with some highly regarded investors. Insurance is a severely underrepresented vertical within the crypto industry and, as one of the biggest markets, will be fundamental to the future of decentralized finance. Nayms has a top-notch team with a design approach that we deem exceptionally well suited to succeed in this domain.”
Nayms will be announcing a launch program with major brokers and underwriters across the insurance market later this year, which will include an allocation of the initial supply of NAYM, expected Q1 2022.