Re, a blockchain-powered reinsurance company, raised $14 million in seed-round funding to build a decentralized system that aims to fill a function similar to the Lloyd’s of London insurance market, the company said in a statement Wednesday.
Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital and SiriusPoint participated in the round, alongside a number of angel investors.
Built on the Avalanche blockchain, Re’s protocol allows retail investors and cryptocurrency holders a way of backing insurance policies. The reinsurer works with underwriting teams, known as syndicates, to evaluate the financial merits of insurance programs brought to the protocol, it said.
“We’re building a decentralized global insurance transaction layer that settles any kind of insurance risk in a way that’s transparent to regulators, partners and investors,” CEO Karn Saroya said in a statement.
Re has assessed more than $300 million in potential premium from insurance programs, it said, and...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...