Nayms, the Bermudian-based marketplace for crypto-native insurance, has announced that its governance token has gone live and is available for sale.

The company is registered as a segregated accounts company in Bermuda under the Segregated Accounts Companies Act of 2000 and holds a Class F licence under the Digital Asset Business Act of 2018 and a Class IIGB licence under the Insurance Act of 1978.

It said the Naym token capitalises the Nayms Liquidity Facility, which takes positions in insurance pools and works with market makers to provide liquidity to capital providers and rewards to token holders.

By depositing into the NLF, it said, token holders receive an increased boost factor on any Naym tokens staked into the governance pool.

As a governance token, the organisation said, stakers can actively engage in the Nayms marketplace in a meaningful way, from how much the NLF should invest in a certain programme to the preferred ratio of Naym to other NLF assets.

In return, stakers receive rewards from NLF performance in recognition of their contributions to the administration of the NLF.

Nayms’s opportunities offer investments into reinsurance for property and casualty risks such as cyber, errors and omissions, directors and officers coverage, crime and various industry loss warranty products.

Nayms cofounder and chief technology officer Ted Georgas said: “The Naym token allows anyone to join our global insurance network and participate in one of the largest industries on the planet, but one that is currently still very closed to the largest institutional allocators.

“Naym provides a new model for industry collaboration and co-operation through governance and rewards from active stakers, while also opening up new capital opportunities in untapped insurance markets.”

Naym tokens are issued by Naym Systems Ltd, a company incorporated in the British Virgin Islands.