OnRe, an on-chain reinsurance company, has completed a $5 million Series A funding round led by Forward Industries and Rockaway.

CoinFeed reported on May 6th that, according to GlobeNewswire, Solana treasury company Forward Industries announced it has co-led a $5 million Series A funding round with digital asset investment firm RockawayX for regulated on-chain reinsurance company OnRe. Forward plans to deploy up to an additional $25 million in OnRe's interest-bearing token ONyc on Solana. OnRe is a licensed collateralized reinsurance company and on-chain asset management firm. ONyc provides exposure to reinsurance risk portfolios and is integrated into mainstream DeFi venues on Solana, serving as collateral for lending and revolving strategies.