WAX Insurance Services, a leading fintech startup focused on protecting and unlocking value for the collectibles industry, is pleased to announce the launch of new online mono-line collectible insurance policies designed to protect collectors from loss, damage, and theft worldwide, and underwritten by Chubb, the world’s largest publicly-traded property and casualty (P&C) insurance company.
According to Real Assets Advisor, the estimated global market for collectibles was $372 billion in 2020 with expected growth of 40 percent to $522 billion by 2028. The collectibles market is booming and so is the demand for insurance to protect this asset class. WAX’s mission is to enhance financial services For this sector through positioning as an important trusted resource forCollectors nationwide.
“WAX was built for collectors By collectors,”Rich Vinhais is the COO of WAX, a long-time watch enthusiast.. “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.”
WAX is a venture-backed company that recently raised a $10 million seed round investment led by Slow Ventures and AV8 Ventures with participation from NVP, TGV, and a number of celebrity collectors, DJ Skee, Josh Hart and Jason Robins, CEO at DraftKings.. The investment will allow WAX to expand internationally, starting with Europe. WAX today offers a digital wallet that is second to none for collectors. A robust mobile app and an insurance policy provide a simple way for collectors and dealers to borrow, manage and insure their collectibles all from their smartphone.
“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,” Slow Ventures lead investor Kevin Colleran said. “Allowing collectors to unlock liquidity and potentially even build wealth without having to sell their collectibles is a huge differentiator.”