Black Insurance launched its new ICO on October 1 and boasts an excellent team comprising people from global Blockchain and insurance sector. It intends to raise a fund worth 5 million USD through its Initial Coin Offering.
The company intends to use the fund to develop and distribute their technology on the Blockchain for their digital insurance platform. All transactions will use utility tokens and also support the system of governance on its platform. It is the first such known instance using the Blockchain technology.
The ICO will be raising funds primarily to develop the technology along with controlling admin, legal, marketing, and distribution expenses to launch in European markets. The company enjoys a strategic partnership with big insurance players in the market and also from angel investors in the insurance domain such as Bundeep Singh Rangar and Risto Rossar to start working on its pilot project scheduled to start in 2019.
Risto Rossar, Founder and CEO of Black Insurance said that they had a target to raise 45 million USD already in the beginning through their first ICO. However, as the crypto market and ICO are not in the best shape today, and during the course of working on their Black project, they decided to progress in phases and adjust their short-term goals.
The CEO added that they are planning to have one more round of fundraising exercise in 2019-2020, according to Bitsonline.
Black Insurance Platform Has Global Blockchain And Insurance Veterans
Gone were those days when only re-insurers and insurance companies could make gains from the 4 trillion USD insurance sectors. In fact, today there is an access for everybody to use tokenized crowdfunding for investing their funds.
Black Insurance boasts of a versatile team constituting of veterans from global Blockchain and the insurance industries. Risto Rossar is the man who leads the vision as a result of the pain he went through in his capacity as an insurance agent.
The post Black Insurance Launches ICO, Great Mix Of Global Blockchain, Insurance Veterans appeared first on OWLT Market.
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