WAX Insurance Services, which is focused on the collectibles industry, has launched new online mono-line collectible insurance policies.
Underwritten by P&C insurer Chubb, the new policies are designed to protect collectors from damage, loss, and theft across the globe.
WAX’s announcement follows its recent $10m seed funding round, which was led by Slow Ventures and AV8 Ventures.
The round also saw participation from NVP, TGV, and a several celebrity collectors, including DJ Skee, Josh Hart, and DraftKings CEO Jason Robins.
WAX plans to use the proceeds from the seed round to expand globally, starting with Europe.
The fintech startup aims to enhance its financial services to capitalise on the growth opportunities offered by this sector, which is expected to become a $522bn market by 2028.
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Currently, WAX offers a digital wallet for collectors, a mobile app and an insurance product, which allows collectors to insure, manage and borrow against collectibles.
WAX COO Rich Vinhais said: “WAX was built for collectors by collectors. We believe in creating trust and financial efficiencies for all collectors, and we are excited to be adding an array of financial products that help further reduce the friction of legacy paperwork, in-person appraisals, and lengthy underwriting times.”
Slow Ventures lead investor Kevin Colleran said: “With collectibles emerging as a legitimate asset class, financial service products like those offered by WAX will be fundamental to the growth of the collectibles ecosystem.
“Allowing collectors to unlock liquidity and potentially even build wealth without having to sell their collectibles is a huge differentiator.”