NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) — WAX Insurance Services (WAX), a leading fintech startup focused on protecting and creating value for the collectibles industry, is pleased to announce the launch of new online single-line collectibles insurance policies designed to protect collectors against loss, damage and theft worldwide, and underwritten by Chubb, the world’s largest publicly traded property and casualty insurance company.
According to Real Estate Asset Advisor, the estimated global market for collectibles was $372 billion in 2020 with an expected growth of 40% to $522 billion by 2028. With the boom in the collectibles market, the demand for ensuring this growing asset class is soaring. WAX’s mission is to improve financial services for this industry by positioning itself as an important, trusted resource for collectors nationwide.
“WAX was built for collectors by collectors,” said Rich Vinhais, COO of WAX and longtime watch enthusiast. “We believe in creating trust and financial efficiency for all collectors, and are excited to add a suite of financial products that help further reduce the friction of legacy paperwork, in-person appraisals and lengthy subscription deadlines.
WAX is a venture-backed company that recently raised a $10 million investment under the leadership of Slow businesses and AV8 companies with participation from NVP, TGV and a number of celebrity collectors including DJ Skee, Josh Hart and DraftKings CEO Jason Robins. This investment will help WAX expand globally, starting with Europe. Today, WAX offers a leading digital wallet for collectors, a robust mobile app, and an insurance product that provides an efficient platform for collectors to manage, insure, and borrow against collectibles, all at from a smartphone.
“With collectibles emerging as a legitimate asset class, financial services products like those offered by WAX will be fundamental to the growth of the collectibles ecosystem,” said Kevin Colleran, lead investor of Slow Ventures. “Allowing collectors to unlock cash and potentially even build wealth without having to sell their collectibles is a huge differentiator.”
About WAX Assurance Services (WAX)
WAX Insurance Services (WAX) is a modern insurance agency, founded for collectors, by collectors. WAX is dedicated to protecting the value of collections by making collection safer, easier, and more community-driven. The WAX mobile app makes insuring the treasured collectibles you care about the most an enjoyable experience. It’s as simple as taking a photo of your piece, going through a brief registration process, and if approved, your collectibles are insured instantly. The whole process only takes a few minutes. WAX is also integrated into retailers’ point-of-sale systems to provide assurance at the time of purchase. For more information, please visit www.wax.insure.
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