Temenos today announced that William Moroney has been promoted to President International and joins the Executive Committee, with immediate effect. Philip Barnett, President Americas and member of the Management Board is also promoted to the Executive Committee. They both report to Temenos CEO Andreas Andreades.

A key executive and member of the company’s Management Board, William Moroney is expanding his remit and will be responsible for Temenos’ international business across Europe, the Middle East & Africa, and Asia Pacific which represents 57% of the company’s total revenues. He will also have responsibility for partners, with a focus on generating new revenue streams through partnerships as well as increasing the company’s presence in large tier 1 and 2 banks.

William Moroney is being promoted from his previous role as Managing Director for Middle East & Africa at Temenos, where he had significant success driving growth, exceeding the regional business and revenue targets. He brings over 25 years of senior sales and sales leadership experience, having joined Temenos in 2020. He previously held senior positions at several international banking systems, technology, and outsourcing companies.

Philip Barnett is a seasoned business leader who has been with Temenos since 2003 and has held several senior leadership positions. He’s responsible for the strategy and success of Temenos clients in the Americas and has secured many high-profile client wins since taking over the region. Before that, he was President of Strategic Growth focused on leveraging global technology and IT services partners to generate new growth revenue streams and market opportunities across the globe.

Jean-Paul Mergeai is stepping down from the role of President International Sales and is retiring from Temenos after 13 years during which time he played a key role in the growth of the company, leading the Global Private Wealth business before becoming Managing Director for Middle East and Africa and finally President of International. Having already worked closely with William Moroney for several years, Mergeai will remain at Temenos until the end of June 2024 in a CEO advisory capacity to ensure a smooth transition of client relationships and other projects.

Lee Allcorn is taking over as Managing Director for Middle East & Africa. He joined Temenos in 2020 as Sales Director for the region.

William Moroney, President International, Temenos, said: “I am delighted to take on this role leading our international business and partner organization. Amid the current industry disruption, we have a fantastic opportunity to grow our business and bring the benefits of our scalable, cloud-native modern platform to more banks around the world. I look forward to working closely with our teams globally to drive our momentum and capture new market opportunities.”

Philip Barnett, President Americas, Temenos, said: “I am honored to join the Executive Committee and continue to collaborate with our Americas’ teams and our partners to deliver greater value to our customers. We have the best customer references in the Americas such as a top 30 US bank, Commerce Bank, Convera, and BanCoppel in LATAM to name but a few. We have a proven modern banking platform that is fully compliant with local regulations, delivering advanced cloud technology to help banks modernize their banking and payment operations. And we will continue our R&D investment and accelerate our 2023 momentum in the Americas.”

Andreas Andreades, Chief Executive Officer, Temenos, said: “I would like to congratulate both Will and Philip for their promotions and welcome them to the Temenos Executive Committee. I am confident they will continue transforming the way we deliver business value to our customers.

Not only does Will bring more than 20 years of successful track record in global technology companies, but in the four years that he has been with Temenos he has exceeded his targets every year and has demonstrated the capacity to meaningfully grow Temenos as well as select the next generation of leaders. This appointment will unquestionably help us grow our international business, while also ensuring continuity for our clients and employees.

Philip is a proven leader, committed to Temenos, with a highly successful track record in sales, business operations, and leadership focused on high growth. Under his leadership, the Americas is stronger than ever with a seasoned sales organization in place, which will help us further transform our market engagement.

I would like to express my heartfelt gratitude on behalf of all at Temenos to Jean-Paul for serving all these years and helping us build Temenos into a successful global banking software leader. Temenos wouldn’t be where it is without Jean-Paul’s invaluable contribution. I wish him a happy retirement as he hands over to the next generation to shape the company’s future.

I am proud to have a world-class management team with dedicated and hugely experienced leaders to drive our success in 2024 and beyond.”

BlackRock, Inc. and Global Infrastructure Partners (“GIP”), a leading independent infrastructure fund manager, jointly announce that they have entered into an agreement for BlackRock to acquire GIP for a total consideration of $3 billion of cash and approximately 12 million shares of BlackRock common stock.

A $1 trillion market today, infrastructure is forecast to be one of the fastest-growing segments of private markets in the years ahead. A number of long-term structural trends support an acceleration in infrastructure investment. These include increasing global demand for upgraded digital infrastructure like fiber broadband, cell towers and data centers; renewed investment in logistical hubs such as airports, railroads, and shipping ports as supply chains are rewired; and a movement toward decarbonization and energy security in many parts of the world.

Further, large government deficits mean that the mobilization of capital through public-private partnerships will be critical for funding important infrastructure. Finally, as capital has become more scarce in a higher interest rate environment, companies are exploring partnership opportunities for their embedded infrastructure assets to improve their returns on invested capital or to raise capital to reinvest in their core businesses.

BlackRock has a broad network of global corporate relationships as a long-term investor in both their debt and equity. These relationships will help us lead critical investments in infrastructure to improve outcomes for communities around the globe and generate long-term investment benefits for clients.

The combination of GIP with BlackRock’s highly complementary infrastructure offerings creates a comprehensive global infrastructure franchise with differentiated origination and asset management capabilities. The over $150 billion combined business will seek to deliver clients market-leading, holistic infrastructure expertise across equity, debt, and solutions at a substantial scale. Marrying the proprietary origination and business improvement capabilities of GIP and BlackRock’s global corporate and sovereign relationships provides a platform for diversified, large-scale sourcing to support deal flow and co-investment opportunities for clients. We believe bringing GIP and BlackRock together will deliver to clients the benefits of broader origination and business improvement capabilities.

Founded in 2006, world-leading independent infrastructure investor GIP manages over $100 billion in client assets across infrastructure equity and debt, with a focus on energy, transport, water and waste, and digital sectors. GIP’s performance has been driven by proprietary origination, operational improvements, and timely exits. They have successfully scaled their global equity flagship series, with the most recent fully invested flagship fund in 2019 surpassing $22 billion.

BlackRock’s over $50 billion of infrastructure client AUM is comprised of infrastructure equity, debt and solutions, and has grown both organically and inorganically since inception in 2011. Top investment talent at BlackRock lead franchises that include Diversified Infrastructure, Infra Debt, Infra Solutions, Climate Infrastructure and Decarbonization Partners.

The GIP management team, led by Bayo Ogunlesi and four of its founding partners, will lead the combined infrastructure platform. They will bring with them talented investment, and operationally focused business improvement teams with a strong track record of building and running high-performing private markets businesses. GIP’s founders and teams remain highly committed to clients, and we expect the integration with BlackRock’s broader platform will generate even greater opportunities. Subject to the completion of customary onboarding procedures, BlackRock has also agreed to appoint Bayo Ogunlesi, GIP Founding Partner, Chairman and Chief Executive Officer, to the Board at the next regularly scheduled board meeting following the closing of the transaction.

“Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects,” said Laurence D. Fink, BlackRock Chairman and CEO.

“I’m delighted for the opportunity to welcome Bayo and the GIP team to BlackRock, and happy to announce our plans to have Bayo join our Board of Directors post-closing. We founded BlackRock 35 years ago based on a unique understanding of investment risk and the factors and forces driving investment returns. GIP’s deep understanding of the factors and forces driving operational efficiency for long-term value creation have made them a global leader in infrastructure investing. Bringing these two firms together will create the infrastructure platform to deliver best-in-class investment opportunities for clients globally, and we couldn’t be more excited about the opportunities ahead of us.”

“I’m excited about the power of this combination and the prospect of working with Larry and his talented team. We share with BlackRock a culture of collaboration, client focus, investment partnership, and commitment to excellence. Investors have adopted private infrastructure investing for its ability to provide stable cashflows, less correlated returns, and a hedge against inflation. Global corporates have turned to private infrastructure as a fast innovator and a more commercially agile owner of infrastructure assets that aren't core to their commercial businesses. This platform is set to be the preeminent, one-stop infrastructure solutions provider for global corporates and the public sector, mobilizing long-term private capital through long-standing firm relationships,” said Bayo Ogunlesi, GIP Founding Partner, Chairman, and CEO. “We are convinced that together we can create the world’s premier infrastructure investment firm.”

GIP Profile

GIP is the largest independent infrastructure manager by assets under management globally, with over $100 billion in AUM across infrastructure equity and credit strategies supported by approximately 400 employees. Its over 40 portfolio companies generate over $75 billion in annual revenue and employ approximately 115,000 people around the world. GIP’s success has been driven by its targeted focus on real infrastructure assets in the transport, energy, digital, and water and waste sectors. GIP’s in-depth knowledge of target industries underpins its ability to originate proprietary transactions through outright ownership and corporate joint ventures, conduct deep and extensive diligence, and structure investments.

In addition to proprietary origination, business improvement is a key pillar of GIP’s infrastructure approach, with a dedicated team delivering deep operational enhancements. GIP has executed successful exits across multiple channels. Among GIP’s investments are Gatwick, Edinburgh, and Sydney Airports, CyrusOne (data centers), Suez (water and waste), Pacific National and Italo (rail), Peel Ports and Port of Melbourne, and several major renewables platforms, including Clearway, Vena, Atlas and Eolian.

Terms of the Transaction

Under the terms of the transaction, BlackRock will acquire 100% of the business and assets of GIP for a total consideration of $3 billion in cash and approximately 12 million shares of BlackRock common stock.

Approximately 30% of the total consideration, all in stock, will be deferred and is expected to be issued in approximately five years, subject to the satisfaction of certain post-closing events.

BlackRock intends to fund the cash consideration through $3 billion of additional debt. BlackRock is currently rated AA- with S&P and Aa3 with Moody’s, and this transaction is not expected to meaningfully change its leverage profile. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The deal is expected to be modestly accretive to BlackRock’s as-adjusted earnings per share and operating margin in the first full year post-close.

The transaction is expected to close in the third quarter of 2024 subject to customary regulatory approvals and other closing conditions.

Perella Weinberg Partners served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom, and Fried, Frank, Harris, Shriver & Jacobson LLP acting as legal counsel. Evercore served as lead financial advisor and Kirkland & Ellis LLP and Debevoise & Plimpton LLP acted as legal counsel to GIP.

Saxo, the leader in online trading and investment, today announces significant pricing changes across many of its key markets, with a global roll out in the coming months.   

Clients will enjoy substantial price reductions, especially when they trade US stocks and home market stocks, amongst other products such as ETFs, ETPs, Listed Options and Futures. The same applies to inactivity and platforms fees that are also removed.

See the prices here

For U.S. and U.K. markets the commission will be 0.08% for the classic tier with minimum commissions at 1 USD (down from 5 USD). The VIP and Platinum client tiers will benefit from 0.05% and 0.03% commissions respectively.

Kim Fournais, founder & CEO of Saxo Bank: “We are proud to announce what will be the leading prices among the major banks and brokers of the world. Because in today's investment landscape, the value Saxo offers to our clients is very much linked to our ability to provide cost-effective solutions together with our award-winning platforms, products, and services. Lower costs mean higher potential gains for our growing number of clients.

As we cross the milestone of serving over 1 million clients who trust us with more than EUR 100 bn., our scale enables us to significantly lower our fees and prices.

“Investors have increasing demands to the overall investment experience and the ability to trade across markets and products on award-winning multi-asset platforms has always been Saxo’s core pedigree. With the lower prices and fees, it’s becoming even easier and more attractive to diversify across asset classes, which is critical to any healthy and profitable portfolio. Diversification is really the “only free lunch” in investing.

“This pricing overhaul is an important strategic move for us for the future, as we take another big step forward to create even more win-win with our clients.”

In 2023, Saxo reached a historic milestone of 1 million end clients and crossed USD 100 billion in client assets globally. In addition, the company, headquartered in Copenhagen, Denmark, was also appointed a Systemically Important Financial Institution (SIFI) by the Danish Financial Supervisory Authority (FSA), and received an investment grade rating from S&P. This highlights Saxo’s strong capital position and business model, as well as its cautious approach to risk management.

Liminal, a leading provider of institutional-grade digital asset custody solutions, is pleased to announce the integration of Telos Network into its custody and wallet infrastructure. This strategic move represents a significant leap forward in enhancing the security and efficiency of asset management on the Telos blockchain. Liminal has recognized that secure custody of digital assets is directly correlated with the strength of the underlying blockchain infrastructure. As the demand for alternative blockchain ecosystems and community participation continues to grow, interoperability has become a core integration parameter for custody platforms.

Commenting on the development, Manhar Garegrat, Country Head- India & Global Partnerships at Liminal, expressed his enthusiasm for the integration, stating, "The addition of Telos into Liminal custody's multi-chain ecosystem is a significant step towards growing the web3 ecosystem together.  Telos’ flawless record of zero-downtime since launch, over 15,200 transactions per second with minimal fees, and focus on enabling Zero Knowledge technology for ultimate scalability and privacy for blockchain global adoption, make it a compelling platform for web3 adoption. We are excited to empower projects building on Telos as they leverage Liminal's robust security, world class compliance, regulated custody, process automations and integrations to grow their business on Telos."

Commenting on the development, Sukesh Tedla, Director of Liquidity & Exchanges at Telos Network said “ We are delighted to find a like-minded partner in Liminal. The combined strength of both the brands will not only enhance the digital asset experience for users but also create a highly secure ecosystem for fostering innovation in digital asset custody services. We are committed to creating more synergies with Liminal in the near future.”

By introducing Telos, a third-generation blockchain platform, into our custody and wallet infrastructure, Liminal is enabling secure custody, policy-led workflows, multi-party wallet governance, and comprehensive compliance monitoring for protocols and institutions operating on the Telos Network.

Key Features of Liminal's Integration with Telos Network:

Secure and Efficient Treasury Management: Liminal Custody's robust MPC and Multisig-powered wallet infrastructure provides unparalleled security for Telos-supported assets. This infrastructure ensures that every transaction adheres to stringent security protocols and multi-party authorization requirements, offering granular control over asset management.

Policy-Driven Automation for Optimal Efficiency: Liminal's automation workflows streamline Telos asset management processes. Users can define policy-based transaction processing rules to automate routine tasks, reduce operational overhead, and enhance overall efficiency, aligning with specific risk tolerances and regulatory requirements.

Vigilant Risk and Compliance Monitoring: Liminal Custody's comprehensive risk and compliance monitoring tools mitigate potential risks and ensure regulatory compliance. The platform continuously monitors wallets and transactions for anomalies or potential violations, enabling users to take immediate action to protect their funds and adhere to regulatory standards.

Seamless Integration with Telos and DApp Ecosystem: Liminal's MMI and Wallet Connect integration provide seamless access to a wide range of native Telos and mainstream decentralized applications (DApps). This integration empowers users to capitalize on their Telos asset holdings by accessing a diverse array of DeFi protocols.

Payhawk, and contemporary jewellery brand Astrid & Miyu, are joining forces once again. Payhawk, a leading spend management platform for scale-ups, is proud to sponsor Astrid & Miyu's new podcast series UNBOXED. This collaboration builds on the success of the two companies' year-long relationship, with Payhawk previously being chosen to streamline Astrid & Miyu's global, corporate spend. The partnership represents an impactful alignment between two rising stars in the world of finance and fashion.

The official launch event for UNBOXED will take place on Monday, January 15th. Payhawk's sponsorship of UNBOXED underscores its commitment to supporting the growth of startups and scaleups. UNBOXED gives aspiring entrepreneurs a raw, unfiltered look into the journeys of successful founders, hosted by Astrid & Miyu CEO and Founder, Connie Nam. Past guests have included executives from Neom, Stripe and Stare, Lockdown Liquor, and Saint and Sofia. Episodes feature the biggest mistakes, greatest lessons, and most valuable insights direct from the source. 

Prior to working with Payhawk, Astrid & Miyu had disparate systems for company spend, making month-end reconciliation tedious and time-consuming. As they expanded with new global stores, they sought a scalable solution to provide real time spend visibility. Since implementing Payhawk's unified cards, expenses, accounts payable, and accounting solution in 2023, Astrid & Miyu's processes have transformed. "Simply put, Payhawk has changed the lives of people at Astrid & Miyu!" says Connie Nam, CEO and Founder of Astrid & Miyu. "When it came to the podcast, we wanted to collaborate with strategic partners that we feel genuinely aligned with and can authentically promote to an entrepreneurial audience. Given the value we've gained from Payhawk, they were an obvious choice when looking for a sponsor for our podcast." 

Payhawk CEO Hristo Borisov says, "Growing a business from a startup to a global company comes with many challenges that can be solved by introducing effective systems at the right time. We're thrilled that our platform has transformed business processes for Astrid & Miyu since they implemented it last year."

Payhawk combines company cards, expense management, accounts payable, and accounting software integrations in one seamless product. This consolidated solution simplifies financial operations for high-growth companies as they scale globally.

UK and US-based fintech Detected has secured $2.5m in its latest fundraising, including investment from existing investors Thomson Reuters Ventures, Love Ventures, and powerful industry angels.

The new funding will allow Detected to continue to build category-defining technology and will be invested in a growth strategy following a successful year in 2023.

Reinventing the traditional approach to business, customer, and merchant onboarding, Detected has built a reputation as a leader in the high-growth business onboarding industry and is trusted by the biggest names in payments. From being crowned number one in the RegTech 50 last year to winning the Fintech Innovator Award, Detected’s product and team have been recognized by the industry, most recently being named in the prestigious Startups 100 Index for 2024.

In an industry dominated by legacy players, Detected has secured the support of enterprise partners and clients due to its innovative approach to a $12bn a year problem.

Tamara Steffens, Managing Director, Thomson Reuters Ventures stated:

"We’re reinvesting in Detected because we strongly believe in the company's long-term potential. As customers, we have seen first-hand the technology's impact, and we're excited about the momentum that Detected has developed in the market." 

Marcus Love, Co-founder and General Partner at Love Ventures added: 

“Since day one, we have known that tackling the monolith that is business onboarding was going to be a huge challenge and we remain convinced that Liam and the Detected team have what it takes to change this industry for the better.”

Liam Chennells Co-founder and CEO at Detected commented:

“This investment round further confirms our continued progress and sets us up for the next phase of our growth as we deepen relationships with enterprise clients and rapidly increase the volume of payments businesses we work with.”

Detected is reinventing how companies undertake onboarding validation at speed, at a lower cost, and with reduced risk. The London and New York-based company wants to be the industry standard for how best to onboard a business. Last year, Thomson Reuters and Love Ventures invested $3m into Detected to grow its US offering where it opened a new office. 

Despite declines in 2023 of investment into US and UK fintech* due to inflation, increased interest rates, geopolitical issues, and other macroeconomic conditions all hitting valuations and deal activity, Detected’s latest raise highlights the momentum and consistency behind the business, which lists acquirers & processors, payment networks, BNPL companies, issuers, gateways and ISO & MSPs amongst its international client base.

Korr, an insurtech startup based in New York City, announces the closing of a $3.2 million seed funding round. The round was led by Motive Ventures along with Tokio Marine Future Fund, marking a significant step in Korr's journey to modernize insurance technology. Early investors include Plug and Play Ventures.

Founded in 2021, Korr's cloud-native core operating system migrates on-premise legacy systems to the cloud, improving customer experience and slashing operational expenditure. Korr's platform is specifically crafted to reduce switching costs and enable carriers to effortlessly convert their historical data to the cloud. The company is designed to address the challenges faced by insurance carriers, offering a flexible and efficient solution to modernize their existing infrastructure. Currently Korr is undertaking a large transformation initiative including system replacement using Korr's proprietary technology for a TPA in the US insurance market.

Gregory Ritchie, CEO and Founder of Korr, stated, "We started Korr two years ago with the thesis that cloud-native architecture and innovation will drive positive change in insurance, particularly in the post-COVID workplace and marketplace. We have invented a forward-thinking product that drives competitive advantage, cutting legacy costs and constraints, and converting decades of historical data out-of-the-box. We continue to execute on our vision, building Korr on AWS along with our early corporate design partners."

Harsh Govil, Principal at Motive Ventures, commented, "As fintech investors, we are acutely aware of how much of financial services and insurance remain dependent on decades-old tech that makes innovation a challenge. Simple updates to financial or insurance products are costly and take months to implement. We're excited to support the Korr team in building a next-generation platform to transform insurance data and business processes with a highly flexible cloud-native architecture."

Robert Pick, EVP & Chief Information Officer at Tokio Marine North America Services, commented, "Our Tokio Marine companies around the world have adopted solutions appropriate to their products and market, creating a heterogenous landscape to manage and integrate. Korr's approach is focused on ease of integration and ease of migration, in a cloud-native package, which can fit nicely in a variety of complex environments. Being able to "play well with others" is vital for modern core systems."

Steve Pretre, who led the investment for Tokio Marine Future Fund, stated, "There is a large portion of the insurance industry that still runs on legacy technology, often home grown. With the major existing insurance core platforms, those migrations can cost tens of millions of dollars or more. For many books of business that cost does not make economic sense, leaving them marooned. Recent attempts from Insurtechs to launch new core systems have focused on enabling the launch of new, often simplistic products and are not suited to the complexity of legacy system migration. Korr is the first product and team we have seen that has focused on building a highly standardized platform designed to enable effective migration of these legacy systems to a modern cloud architecture. It is a solution the industry desperately needs."

Pier has raised $2.4 million in an oversubscribed round to develop its technology that helps businesses launch credit products.

The company’s “Stripe for credit” solution automates every aspect of the credit lifecycle, including origination, underwriting, compliance, and servicing, Jessica Zhang, CEO and co-founder of Pier, said in a Thursday post on LinkedIn.

“At Plaid, Stilt, and J.P. Morgan, Alex Hegevall Clarke and I saw firsthand how the credit industry struggles with fragmented solutions and high compliance hurdles,” Zhang said in the post. “With stringent federal and state regulations across 50 states, building an in-house tech stack capable of handling compliance becomes a time-consuming and expensive endeavor, often takes 9-12 months and costs millions.”

Pier aims to solve this problem with its technology, according to the post. The company’s recent round included investors Y Combinator, Liquid 2 Ventures, HorizonVC, ACME Capital, customers, and strategic angels.

Pier’s solution enables companies to launch or automate their credit products in weeks, rather than months, according to the company’s website.

With application programming interface (API)-driven, flexible modules, the software-as-a-service (SaaS) solution allows developers to get it up and running with a few lines of code, the website said.

Popular use cases for the solution include buy now, pay later (BNPL), credit builder, salary advance, and commercial working capital, per the website.

“Companies and borrowers suffer because there is no dedicated modern credit and compliance solutions with a developer-centric approach,” the Pier website said. “Our mission at Pier is to build the best-in-class tools for the next generation of innovators to improve access to credit.”

Nayms is pleased to announce that it has launched on Base. Nayms is the world's leading blockchain-based marketplace for alternative risk transfer and capitalization. Base is a secure, low-cost, Ethereum layer-2 solution. With this launch, investors can more easily access yield-generating (re)insurance opportunities that are available within Nayms' marketplace in the form of a tokenized asset class.

Embarking on the heels of a successful launch of its first investment opportunities, Nayms remains committed to deploying emerging technologies to reshape the insurance industry. The first product to go live on Base will be an Industry Loss Warranty (ILW) contract, reinsuring against certain weather-related catastrophic events in Florida. Within a Bermuda-regulated segregated account structure, institutional investors can earn a yield on their capital, targeting mid-high teen returns, paid by (re)insurance premiums by real (re)insureds who need their risk covered. For early investors, the yield is complemented by an additional reward of NAYM-issued tokens equivalent to up to 15% of invested capital.

As the insurance industry evolves, tokenization offers a unique opportunity for institutional investors to diversify their investment portfolios and capitalize on the growth of traditional private market asset classes. Nayms' opportunities offer investments into (re)insurance for property and casualty (P&C) risks like Cyber, Errors and Omissions, Directors and Officers coverage, crime/specie and various Industry Loss Warranty products. This exposure is typically only available to pension funds, private equity funds, and other major institutional investors. Nayms is making this exposure available to all qualified investors through tokenization, accessible in their wallets.

Some of the benefits of tokenized (re)insurance exposure for qualified investors include:

• Diversification of returns from the broader crypto market
• Access to historically hard-to-access private markets exposure, now in a tokenized wrapper
• Access to high-yield returns with liquidity and low volatility
• Safety and security of the decentralized Ethereum network but at a low cost, faster settlement time of the Base L2
• Fast user onboarding through KYC automation utilizing verified identity standards of Ethereum Attestation Service (EAS) built into open-sourced identity on Ethereum

It's time to bring institutional investors the benefits of Web3 technology powering their traditional asset-class investment options. Interested users can learn more by visiting Nayms and connecting their self-hosted wallet on the Base network.

"We are excited to be launching on Base, our first Ethereum Layer 2 network. Our deployment was seamless as it is fully EVM compliant and we look forward to leveraging the reduced fees and easy onramp that Base provides," stated Nayms Co-Founder and CTO, Ted Georgas.

The ILW market is a vital component of the global catastrophe reinsurance market, a market generating over $300 billion in annual renewal premiums. This market offers substantial opportunities for insurers, insureds, and investors alike.

Nayms' ILW introduces a novel approach, safeguarding buyers against the peril of named windstorms in Florida. To trigger indemnification, two independent named windstorms in Florida must each separately cause damage exceeding $10 billion to the state's insured property during the 2024 in-force period. Nayms' innovation lies in the use of USD Coin (USDC) as collateral within the segregated account on its independently audited Ethereum smart contract. This collateral is further secured through innovative mechanisms, including a digital multi-signature process, enhancing transparency and operational efficiency.