Lloyd’s of London, a venerable insurance marketplace with a history spanning over three centuries, now endorses digital asset insurance policies transacted on the Ethereum blockchain. These policies, orchestrated by Lloyd’s coverholder Evertas and the smart contract insurance provider Nayms, enable on-chain cryptocurrency payments.

Not long ago, procuring any form of cryptocurrency insurance was an arduous endeavor. The transition to crypto payments and blockchain utilization not only enhances efficiency by streamlining intermediary-heavy documentation but also underscores the remarkable progress within the industry. A consortium of Lloyd’s of London syndicates now supports crypto-native, on-chain insurance, highlighting significant advancements in recent years.

Read more: Top 10 Amazing Ways Crypto Payments Can Boost Your Business in 2024

“What we are facilitating is the seamless interaction of public blockchain infrastructure with highly regulated, traditional, fiat-backed institutions,” remarked J. Gdanski, CEO of Evertas, during an interview. “Whether the payment is made in USDC or native cryptocurrency, or policies are fully managed on-chain, the blockchain coordinates interactions among the broker, the insured, and the insurers. This represents a foundational piece of infrastructure.”

Nayms, a digital marketplace that connects brokers and underwriters with crypto capital investment, echoes the concept of Lloyd’s “Names”—the collective of individuals and entities underwriting risks at the historic insurance market.

Evertas extends coverage to custodians, exchanges, and the bitcoin mining sector. Last year, Evertas acquired Bitsure, a specialist in mining cover, and began offering policy limits of up to $200 million per crypto mining site.

“The crypto-native expertise we bring into the underwriting process provides us with a comprehensive understanding of the risks we underwrite,” explained Nick Selby, Head of European Underwriting at Evertas. “This clarity allows us to explicitly define our coverage parameters and ensures we can settle insured claims more swiftly than any competitor.”