Solana-Based On-Chain Reinsurance Firm Secures $5 Million in Funding

OnRe Finance, a regulated on-chain reinsurance firm built on Solana, has secured $5 million in funding from Forward Industries and RockawayX. This investment marks a significant step towards scaling OnRe's tokenized reinsurance platform.

Forward, a Nasdaq-listed company with a focus on Solana, plans to deploy up to $25 million into ONyc, a yield-bearing Solana asset that gives holders exposure to tokenized reinsurance returns. This move is seen as a natural extension of Forward's Solana treasury strategy, which aims to add high-quality, real-world cash flows.

The capital raised will be used to expand OnRe's underwriting programs, hire new staff, and integrate its products more deeply into the Solana DeFi stack. RockawayX, an early supporter of the Solana ecosystem, believes that OnRe's model can generate significant revenue from tokenized reinsurance returns.