A London company is looking to take crypto-native insurance global after raising funds at an $80 million valuation.

Nayms, described as the world’s first fully-regulated marketplace for on-chain insurance, has closed its private token sale in a round led by UDHC, a leading DeFi investor headed up by the previous senior team at the Maker Foundation, which developed and deployed the MakerDAO protocol.

Nayms has now raised a total amount of $12m and long-standing supporters such as UDHC, New Form, Tokentus and Keyrock participated in the latest funding round.

“As a fully-regulated marketplace for on-chain insurance, Nayms represents the next major step in risk transfer,” said UDHC CEO Steven Becker.

“Using blockchain technology, Nayms extends traditional risk markets using decentralised tools and features that take risk pricing and management to a new level.

“Bringing on-chain capability to traditional markets creating a new, efficient, and transparent financial future is the primary focus of UDHC, and we believe the team at Nayms has the potential to shape that future.”

Nayms will use new funds to expand its global team, further support its product development and marketing, and speed up global business expansion. 

Founded in 2019, the end-to-end marketplace connects brokers, insureds, sponsors and capital providers. The startup is reaching final stages of development before launching a number of insurance programmes with the likes of Aon, Breach and Evertas. 

Dan Roberts, CEO of Nayms, stated: “It is very exciting for us to work more deeply with one of our very first investors and board members. The real experience that the UDHC team has continues to drive us forward as we navigate building and launching our proposition to the market. 

“This round of funding has set us up for an extremely strong 2023, with all the right players behind us.”

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Crypto prices

The overall market cap of the 23,500 coins is at $1.19 trillion at the time of writing (7am UK), a 2.5% decrease in the last 24 hours, with Bitcoin dropping towards $28,200.

For round-ups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.