blockchain insurance startups

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  • Дата публикации: Апрель 8, 2019
  • Количество просмотров: 6
    • Axum, Axum, Республика Ингушетия, Russia

Had been Bitcoin highs of late 2017, many people have started believing in prospective of blockchain technology and cryptocurrencies. Since then, an important number of Initial Coin Offerings (ICOs) have succeeded in raising the desired amount despite the tightening regulations. In an ICO conducted last month, blockchain start-up B3i successfully raised sixteen million dollars ($16m), raising the collective total to twenty-two million dollars ($22m). The new capital added came through two methods the first cash while the second being converted debt. Around $8.34 million came through cash while $7.66 million came through. B3i or the Blockchain Insurance Industry Initiative is a collaboration of insurers and reinsurers formed to explore the potential of using Distributed Ledger Technologies. The firm was incorporated on 23rd March 2018. It was around that time that an additional shifted from Hyperledger to R3's Corda platform. The company had previously raised easily six million dollars in March last year after its incorporation. However, firm is yet to disclose their aim while you will discover state that the aimed sum is of a surprising two hundred million coins. The firm has gone through some very serious changes which includes the addition of new executives from existing collaborators. Moreover, one of the firm's director was replaced by Theo Bachmann the head of property and casualty insurance sector at Swiss Re. The company is planning on using decentralized blockchain technology to raise efficiency of office work including data handling and its particular processing. The company incorporated last year to a firm in order to commercialize a few of its products.
Insurance giant AXA XL and insurance technology startup Assurely have jointly launched a new insurance product covering equity crowdfunding and Security Token Offerings (STOs), according to an argument published on March 6.
The new product dubbed CrowdProtector developed to for issuers and investors, and purportedly protects new online capital formation strategies like equity crowdfunding and STOs. Item or service also aims increase trust, confidence and safety to potential investors guaranteeing that the issuer is covered with insurance. According to Ty Sagalow, CEO of Assurely, the parties have were able to increase underwriting. The releases states:
CrowdProtector provides Issuers protection against investor complaints and lawsuits as well as serve as a communication to investors that they can get their principal investment returned should the issuer misuse the funds, purposefully misrepresent information in their offering documents, or steal the money.
In the release, it is noted that until recently, investing in private companies has been there for accredited investors, using a net worth better than $1 million, or earned income exceeding $200,000 leaving a large associated with potential investors onto the sidelines.
AXA XL is reportedly the second largest insurer in Europe, also providing risk management and reinsurance services to insurance companies globally. In 2018, the company's net gain was reportedly 2.14 billion euro ($2.42 billion), having fallen by 66 percent from last year. At the same time, the company's earnings in 2018 rose by three percent, with dividends up by six percent to 1.34 euro ($1.52) per expose.
Back in 2015, AXA XL revealed its plans to utilize Bitcoin (BTC) for remittances in order to streamline payments around the world. At the time, the company stated that many use cases concerned with Bitcoin had not even been explored.
As Cointelegraph reported in February, blockchain security firm and crypto wallet service BitGo announced gives offer crypto insurance through Lloyd's based in london. BitGo Business Wallet clients will purportedly have the opportunity to acquire insurance for their digital assets held on BitGo's Business Wallet service and Custodial offering.
Exchanges and wallets should have sufficient Crime coverage completely cover their hot wallets (including enough buffer to handle asset price spikes)," Martin added in his blog post. Indeed, Crime policy covers hot wallet losses as a outcomes of a hack, insider theft, etc, yet they don't cover failures of the underlying currency.
Meanwhile, given a loss of profits of cold assets is unlikely, Martin suggested this type of insurance should be offered on a per-customer basis.
Martin also discussed different insurance options. He wrote that most banks use FDIC insurance, covering the consumer loss in case of insolvency, it does not cover exchange's most likely cause of fund losses coughing. Therefore, while FDIC insurance must be used for deposits in fiat, it is not the only insurance Coinbase offers its customers.
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