Next Big Thing AG (NBT), a German Internet-of-Things (IoT) and blockchain company builder, has secured 12 million euros ($13.5 million) in a new funding round, according to a press release on April 8. NBT announced that the firm has successfully completed its Series A investment round led by global industrial insurance giant HDI Global SE through Hannover Digital Invest, with participation by the FinLab EOS VC Fund, a $100 million joint venture by fintech incubator FinLab AG and blockchain software developer Block.one. According to the press release, HDI Global decided to invest in NBT to support the combination of IoT …

Swiss blockchain-based insurance transaction platform B3i has expanded its group of investors in its ongoing funding round, according to a press release published on April 3. Per the release, B3i has added three new insurer and reinsurers to participate in the company’s current funding round. B3i notes in the announcement that the first phase of the product scheduled to be launched in the fourth quarter of 2019 is being evaluated, while invitations for the second wave of investors are being extended. Additionally, B3i formed a Board of Directors that includes nine senior executives of the investor companies. The chairman of …

Major American cryptocurrency exchange Coinbase has revealed details of its insurance coverage for its hot wallet crypto holdings, reportedly covering a $255 million limit via a Lloyd’s of London-registered broker. The details were disclosed in an official blog post from Coinbase’s Chief Information Security Officer (CISO) Philip Martin on April 2. According to Martin, Coinbase has held an insurance policy covering its hot wallet crypto holdings since mid-November 2013, in particular to protect against what the exchange identifies as being the highest-risk consumer loss scenario in the crypto space — theft by hacking. Martin’s post outlines that Coinbase currently holds: …

Hong Kong trading and asset management firm Branding China Group (BC Group) is launching an insured custody service for cryptocurrencies, the company confirmed in a press release shared with Cointelegraph on April 1. BC Group, which owns a portfolio of various blockchain companies, including cryptocurrency trading platform Anxone and digital asset brokerage OSL, said it decided to build the service to respond to the needs of institutional investors in Asia. Its release, it says, constitutes the first such insured custody solution for crypto assets available locally, but will use United Kingdom-based insurers. “BC Group’s custody service removes one of the …

Zurich-based blockchain startup B3i Service AG has increased its capital by $16 million in February, according to recently published filings from the Swiss commercial register. B3i Service AG — a blockchain initiative formed by “Blockchain Insurance Industry Initiative” B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re — has raised about $16 million, having maximized its capital to 22,475,945 Swiss francs ($22.6 million). According to the filings, the company raised 8.27 million Swiss francs ($8.34 million) in the form of cash, while the remaining part of the sum, 7.9 million Swiss francs ($7.9 …

Chinese insurance giant Ping An has partnered with Ethereum (ETH)-based decentralized artificial intelligence (AI) startup SingularityNET. The latter company announced the collaboration in a press release published on Medium on March 14. Per the release, the collaboration will at first focus on Optical Character Recognition (OCR), Computer Vision (CV) and model training. SingularityNET notes that the scope of the partnership is expected to expand to multiple industries and initiatives in the future. The announcement has been made shortly after SingularityNET officially launched a beta version of its Ethereum-based decentralized marketplace on Thursday, Feb. 28. In January last year, the company …

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 a press release published on March 6. The new product dubbed CrowdProtector is designed for issuers and investors, and purportedly protects new online capital formation strategies like equity crowdfunding and STOs. The product also aims increase trust, confidence and safety to potential investors guaranteeing that the issuer is insured. According to Ty Sagalow, CEO of Assurely, the parties have managed to increase underwriting. The releases states: “CrowdProtector provides Issuers protection against investor complaints and …

The evolving relationship between blockchain tech and the health sector has already been thoroughly documented, yet something that's received less attention is the increasing role blockchains are set to have in the health insurance industry. This industry was worth over $600 billion in 2017 in the United States alone, while calculations suggest that as much as $375 billion is wasted every year by American insurance companies as a result of the paperwork and administrative box-ticking that comes with having a multi-payer health care system. There is, therefore, a massive opportunity for blockchain-related companies and platforms to not only claim a …

Blockchain security firm and crypto wallet service BitGo has revealed plans to offer crypto insurance through Lloyd's of London, according to a press release on Feb. 19. BitGo Business Wallet clients will be able to acquire insurance for their digital assets held on BitGo’s Business Wallet service and Custodial offering. Assets held by either BitGo or BitGo Trust Company can insured for up to $100 million by global insurance and reinsurance market Lloyd’s, the release says. Lloyd’s had nearly $43.8 billion in gross written premiums in 2017, and has insured such eccentric items as Rolling Stones guitarist Keith Richard’s hands. …

United States-based health insurance giant Aetna has partnered with IBM to create a blockchain network tailored to the healthcare industry, Reuters reported Jan. 24. Estimated to serve over 39 million clients globally, Aetna has reportedly issued a joint statement with IBM clarifying that the blockchain system will be designed to streamline insurance claims processing and payments, as well as manage directories. The insurance giant also recently merged with retail pharmacy and healthcare firm CVS Health Corp. Alongside American financial services firm PNC Bank, two other health insurers — which count over 55 million members combined — have also reportedly joined …

Two agencies in the state government of Vermont in the United States have jointly launched a blockchain pilot program for captive insurance, according to an official announcement published on Jan. 11. The Secretary of State Jim Condos and Department of Financial Regulation Commissioner Michael Pieciak have signed an agreement to join forces to explore blockchain technology and the benefits of its deployment in maintaining records in the captive insurance field. Captive insurance is an alternative form of self-insurance where a parent group creates a licensed insurance company for itself. The type of alternative insurance helps large corporations to insure their …

Cryptocurrency businesses find it “almost impossible” to get insurance and this is deterring investors, Big Four auditor PricewaterhouseCoopers (PwC) told Reuters Dec. 20. In comments focusing on the global fintech market, Henri Arslanian — the firm’s fintech and crypto leader for Asia — highlighted the contradictory status quo industry businesses face trying to attract funding. “Most institutionally-minded crypto firms want to buy proper insurance, and in many cases, getting adequate insurance coverage is a regulatory or legal requirement,” he told the publication, continuing: “However, getting such coverage is almost impossible, despite their best efforts.” The paradox is made more painful …