Overview
- Forward Industries and RockawayX co-led a $5 million Series A for OnRe, with Forward stating it plans to deploy up to $25 million into OnRe’s ONyc token.
- ONyc is a yield token on Solana that gives holders exposure to returns from a diversified pool of reinsurance contracts.
- OnRe says it will use the new capital to expand underwriting capacity, deepen integrations with Solana protocols, and hire across key roles.
- The firm operates under Bermuda’s Insurance Act and Digital Asset Business Act, which permits crypto collateral for regulated reinsurance deals and on-chain pass-through of returns.
- Forward frames the move as a shift beyond SOL staking into dollar-based income from real-world risks, positioning its treasury for steadier yield inside the Solana ecosystem.