Relm, an insurance firm operating in the crypto space, has announced the launch of regulated collateralised reinsurance business, called Relm II.
Relm II, which can accept collateral in both fiat and crypto, will support the creation of reinsurance capacity for firms operating in the crypto industry.
This capacity will allow Relm to offer enhanced levels of insurance coverage to crypto businesses supporting them in scaling their businesses.
Relm noted that its reinsurance firm’s ability to accept collateral in fiat or crypto is what makes it stand apart within the collateralised reinsurance space.
The new entity, which is domiciled in Bermuda, will operate using its Innovative Insurer – General Business (IIGB) license issued by the Bermuda Monetary Authority.
The IIGB authorisation allows Relm and Relm II to transact financially in fiat and crypto.
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Relm and Relm II CEO and co-founder Joe Ziolkowski said: “As the world’s leading crypto insurer in our third year of operations, our mission is to energise crypto businesses, enabling them to scale and grow.
“Relm II is an extension of that mission and a further demonstration of our commitment to support emerging sectors and our ability to think creatively and utilize regulated (re)insurance infrastructure to solve capacity problems in the crypto industry. We are excited to collaborate with aligned capital partners to build meaningful insurance capacity as the crypto economy becomes mainstream.”
Relm started operations in 2020, its recent product launches include smart contract failure insurance, slashing insurance and BTC denominated crypto theft insurance.