Lloyd's of London Supports Policy Payments Using Cryptocurrency on Ether Chain

Lloyds of London, the three-hundred-year-old British insurance marketplace, is supporting the use of cryptocurrencies on the Ether chain to pay for policies, Coindesk reports. Insurance underwriter Evertas has partnered with smart contract insurance marketplace Nayms in a partnership that allows customers to pay in USDC or local cryptocurrencies, or place their policies entirely on the chain.

Whether it's paying in USDC or native cryptocurrencies or placing the policy entirely on the chain, we see this as a groundbreaking blockchain infrastructure that helps harmonize the relationship between brokers, insureds and insurers, said J. Gdanski, CEO of Evertas, in an interview.