OnRe Finance raises $5M as Forward lines up $25M ONyc buy
OnRe Finance raised $5M from Forward and RockawayX as Forward prepares up to $25M into ONyc, scaling Solana-based, tokenized reinsurance with DeFi integrations.OnRe Finance, a regulated on-chain reinsurance firm built on Solana, has completed a $5 million funding round co-led by Forward Industries and RockawayX.Forward plans to deploy up to $25 million into OnRes ONyc token, a yield-bearing Solana asset that gives holders exposure to tokenized reinsurance returns.Proceeds will be used to scale OnRes Solana-based reinsurance pools, expand underwriting capacity, and deepen integrations with DeFi protocols across the ecosystem. OnRe Finance said it has closed a $5 million strategic funding round to accelerate development of its tokenized reinsurance platform on Solana, with the raise co-led by Solana-focused treasury company Forward Industries and multi-strategy digital asset firm RockawayX. Forward and Rockaway back on-chain reinsurance on Solana According to the GlobeNewswire announcement, the capital will go toward expanding OnRe‘s underwriting programs, hiring, and integrating its products more deeply into Solana’s DeFi stack. Forward, listed on Nasdaq as FWDI, described the move as a “natural extension” of its Solana treasury strategy, which it says is shifting from relying solely on staking yield to adding “high-quality, real-world cash flows that are both complementary and uncorrelated.” OnRe is licensed in