Digital insurance marketplace Nayms has partnered with Coinbase, a collaboration that aims to empower insurance companies, reinsurance funds, and capital providers by leveraging on-chain technology for seamless insurance transactions.
Nayms will be utilising Coinbase technology stack, which includes Coinbase Prime, Base, and Coinbase Web3 wallet, providing infrastructure that enables insurance entities to transact directly on the blockchain.
“The Nayms-Coinbase collaboration opens up fresh possibilities for traditional insurers. By providing the necessary tooling for on-chain operations, Nayms and the Coinbase product suite, empower insurers to navigate this dynamic landscape with confidence,” a Nayms spokesperson stated.
Adding: “As the crypto insurance market continues to grow, this collaboration promises to redefine industry standards and drive innovation.”
By utilising Coinbase’s Prime offering, insurance companies gain access to institutional-grade security and custody – a critical requirement for effective risk management.
The integration of Coinbase’s Web3 wallet with Nayms’ marketplace facilitates secure capital deposits into segregated accounts and streamlines policy binding.
Additionally, Nayms’ decision to build on Base, an Ethereum Layer2, incubated inside of Coinbase, sets the stage for a globally connected network to reinvent how institutional insurance markets operate.
Adam Adamson, Head of Business Development at Nayms, said: “We are very excited to introduce Coinbase to our insurance partners within the Nayms ecosystem. The Coinbase Prime offering ensures top-tier security, which is paramount for any risk management company. Additionally, Coinbase’s Web 3 wallet seamlessly connects with our marketplace, allowing efficient capital flow and policy management.”
