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Cryptographic insurance company introduces world’s first reinsurance business

Relm, the world’s first and only private insurer that provides insurance to the crypto sector and holds a Bermuda IIGB license, is the world’s first fully regulated company that can accept both flat and crypto currencies as collateral. Announced the launch of Relm II, a secured reinsurance business.

Insurers say Relm II will enable companies operating in crypto space to create regulated reinsurance capabilities. These companies require far higher protection limits than the current insurance and reinsurance markets can offer. With the capacity enabled by Relm II, Relm can expand its crypto business support to achieve significant scale and growth.

Relm II says the ability of Relm II to accept fiat and cryptocurrencies as collateral is a “significant difference” in the field of secured reinsurance. This allows Relm to leverage a “substantial pool” of adjusted investor capital to support traditional coverage such as directors, officers and professional liability, as well as smart contract failure insurance and slash insurance. , BTC supports recent product launches of insurance companies for the dominant cryptocurrencies. Theft insurance.

According to Realm, regulated coverage is especially needed in the decentralized financial sector. According to theblockcrypto.com, nearly 2,000 projects are currently locked to smart contracts for over US $ 225 billion. Since early 2020, exploits have lost more than US $ 1.8 billion of capital invested in decentralized finance. The addition of Relm II capacity will allow Relm to offer higher coverage for smart contract failures, allowing institutional investors to move to a decentralized financial space with a better level of insurance protection. It will be like.

Joe Ziolkowski, Co-Founder and CEO of Relm and Relm II, said: “As the world’s leading crypto insurance company in the third year of our business, our mission is to revitalize, expand and grow the crypto business.

“Relm II is an extension of its mission, leveraging our commitment to support emerging sectors and our creatively thought and regulated (re) insurance infrastructure to solve the capacity problem of the crypto industry. Further demonstration of capacity. As the crypto economy becomes mainstream, we are pleased to work with our partner capital partners to build meaningful insurance capacity. “

Cryptographic insurance company introduces world’s first reinsurance business

Source link Cryptographic insurance company introduces world’s first reinsurance business

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