PANews May 6 news, according to GlobeNewswire, Solana treasury company Forward Industries announced that it has co-led a $5 million Series A financing for the regulated on-chain reinsurance company OnRe in collaboration with digital asset investment company RockawayX. Forward plans to additionally deploy up to $25 million in interest-bearing token ONyc for OnRe on Solana.

According to reports, OnRe is a licensed collateral reinsurance company and on-chain asset management company, ONyc provides exposure to a reinsurance risk portfolio, has been integrated into mainstream DeFi venues on Solana, and can be used as collateral for lending and looping strategies.

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