It’s always great to see a new venture get the green light – here’s the word;
A new dedicated global digital assets insurance broker launches today. Native is the first broker to bridge traditional insurance with onchain capital in order to tackle the global problem of underinsurance for digital asset businesses.
Founded by digital assets insurance veterans Ben Davis and Dan Ross, Native has secured £2m ($2.6m) of Seed funding from Nexus Mutual – the world’s largest decentralised insurance alternative that allows members to join and share risk. Davis and Ross, with a combined 17 years of experience in digital assets insurance, previously led the digital assets arm of Superscript, the insurtech broker. Joining them is chairman James Asaad, who brings extensive insurance and business acumen as well as access to financial markets to the team.
Native and Nexus Mutual have partnered to develop an exclusive line of onchain covers with a $20 million limit; underwritten by Native, and following primary, trusted insurers. It will offer original covers for completely onchain risk such as slashing cover. Native will also continue building on its expertise in the traditional insurance market to provide commercial insurance tailored to the digital asset industry.
Beyond digital assets, Native caters to businesses in any emerging industry which is underserved by the insurance industry. They can be purchased directly or via insurance brokers part of the Native Network, which provides a gateway for brokers to access onchain risk transfer products.
Native will use cryptocurrencies to match assets with liabilities, thereby providing a seamless partnership experience for custodians and wallet infrastructure providers to help them and their clients get the cover they need. This offering will allow large holders of digital assets exposure to thoroughly vetted and underwritten companies, giving them access to the ‘risk economy’ and providing yield on their holdings. The fresh onchain capacity provides opportunities for enhanced balance sheet protection, outside investment and the peace of mind needed for mass adoption.
Ben Davis, Co-founder and CEO at Native, said:
“We launched Native because our contacts in the web3 world have been asking us to do this for years. We believe now is the right time, and we’re delighted that the industry’s biggest name, Nexus Mutual, supports our vision.
Dan, James and I strongly believe in a better, decentralised digital future. A big obstacle in getting there is the insurance capacity crisis due to the lack of expertise, understanding and data around emerging technologies; but we are doing something about it. We aim to bridge traditional insurance with decentralised cover through our unique blend of technology, industry relationships and crypto expertise. Our goal is to become a leading global distributor of covers combining onchain and offchain capacity for underserved businesses in emerging industries.”
Hugh Karp, Founder at Nexus Mutual, said:
On behalf of the Nexus Mutual Foundation, we are proud to support the Native team. This partnership unleashes Native’s expertise in crypto underwriting and broking, enabling more businesses to access protection while deploying $20M in crypto-denominated capacity for major risks. It also signals the future of insurance, where MGA-like businesses are built entirely onchain, without legal documents, and aligned through incentives. Just as syndicates once formed in coffee houses, the next generation will form onchain.
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