Nayms chooses GBG to protect against crypto crime and build trust in emerging crypto-insurance industry
November 17, 2022 LONDON: GBG, the global expert in digital identity, has been selected by Nayms, the blockchain insurance marketplace, to help build trust in the emerging crypto-insurance landscape through its industry leading digital identity technology.
While the digital assets industry continues to experience huge growth - the cryptocurrency market skyrocketed to $1.92 trillion in 2022 - only 1.5% of the cryptocurrency market is insured. UK insurtech start-up, Nayms, is solving this issue through its innovative smart contract technology that enables cryptocurrency investors to insure crypto-risk. The company recently became one of the first platforms of its kind to become fully regulated by the Bermuda Monetary Authority (BMA).
Nayms will fully integrate GBG’s industry leading Know Your Customer (KYC), Crypto Transaction Fraud and Anti Money Laundering (AML) screening solutions to ensure streamlined and secure identity verification that adheres to latest regulations for crypto, blockchain and fintech solutions.
GBG’s leading technology verifies the identities of potential users in seconds, with minimal user experience friction. This enables Nayms to understand who is engaging with the platform from the point of onboarding as well as flag inconsistent and potential criminal activity in real-time to protect against ever-increasing methods of crypto crime, including fraud, identity theft and money laundering before it happens. The collaboration will also mean the start-up can easily navigate and adhere to increasingly complex compliance requirements through GBG’s Compliance Management Platform.
Boris Huard, MD Identity & Fraud, EMEA at GBG, said, “Crypto-related crime is growing 124% each year, according to a freedom of information request carried out by GBG in 2021. It is more important than ever for businesses in the digital assets industry to protect themselves against malicious actors.
We are excited to partner with innovative companies such as Nayms to help build trust in the digital assets industry, protecting them and their customers from all forms of crypto crime through our sophisticated and easy to integrate solutions.”
Dan Roberts, CEO & co-founder at Nayms, said, “Our mission at Nayms is to support the growing digital assets ecosystem in a responsible and safe way by bridging the gap between traditional insurance institutions and the crypto world. Through our partnership with GBG, we can adhere to the complex regulatory and compliance landscape, deliver the highest levels of security, and beat fraudsters while still providing an excellent customer experience. This is another critical step on our journey of building trust and stability in an industry that is traditionally perceived as turbulent.”
Find out more at https://www.gbgplc.com/en/
About GBG
We are the experts in digital location, identity and managing fraud risk and compliance. Helping organisations across the globe eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses globally.
Through the combination of the latest technology, the most accurate data and our unrivalled expertise, GBG helps organisations ranging from start-ups to the largest consumer and technology brands in the world deliver seamless experiences, so their customers can transact online with greater confidence.
To find out more about how we help our customers establish trust with their customers visit www.gbgplc.com and follow us on LinkedIn and Twitter @gbgplc.
About Nayms
Nayms is building the world’s leading, fully-regulated marketplace for on-chain insurance. Through our work so far with the industry we are paving the way in providing a new digital asset risk market that allows regulated brokers and underwriters to find digital asset capital providers to share in the premium and liability entailed in covering digital asset risk. Our traceable smart contract is built on a trustless system, meaning insurance brokers can place a contract between market participants in a limitless number of areas and share in the future value of such open trade.
Recently, Nayms becomes the first platform of its kind to be fully-regulated in Bermuda.
The Bermuda Monetary Authority (BMA) has given Nayms both the full Digital Asset Business Act licence and Innovative General Business Insurance licence, which enable Nayms’ insurance partners to conduct regulated insurance business on-chain for the first time.
Media contacts
Kerry Rothery, Kerry.rothery@gbgplc.com
Weronika Szczesna, weroniksa@nayms.com