Insurance firms in China use blockchain to manage coronavirus-related claims amid the outbreak. English-language local news outlet South China Morning Post reported on Feb. 9 that this month Chinese online mutual aid platform Xiang Hu Bao added the coronavirus to the illnesses eligible for the maximum one-time payout of around $14,300 (100,000 yuan). Blockchain used for insurance claim processing Xiang Hu Bao is not an insurance policy, but a blockchain-based collective claim-sharing platform that counts 104 million users. Per the report, blockchain technology is employed by the system to prevent fraud and allow for faster claim processing. Xiang Hu Bao …

Paystand has successfully raised $20 million in its Series B funding round, VentureBeat and others reported on Feb. 6. The company will use this money to accelerate the growth of its blockchain-based commercial payment platform. The current round includes investment from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures and Wildcat Ventures. Existing investors Leap Global Partners, BlueRun Ventures and others also participated. The company will use the funds to expand its teams in Scotts Valley, California and Guadalajara, Mexico, as well as funding the expansion of its product lines. Paystand offers a blockchain-based platform for its customers that digitizes …

Cryptocurrency exchange Bittrex obtained $300 million in digital asset insurance against theft or collusion for the cryptocurrency it holds in cold storage. Bittrex announced in a blog post on Jan. 29 that the exchange obtained specialty insurance for corporations by insurance firm Lloyd’s of London after working with major insurance broker and adviser Marsh. The co-leader of Marsh’s digital asset risk transfer team, Sarah Downey, said, “We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.” This is not the first crypto deal for Lloyd’s, as in late August 2018 the firm started …

If the crypto sector is to attract more institutional investors, it will need to provide more insurance solutions. This point was driven home anew with the recent news that the Gemini crypto exchange has launched a captive insurance company, Nakamoto Ltd., to insure its Gemini Custody business for up to $200 million — reportedly the largest amount for any crypto custody service in the world. This new insurer will help Gemini’s institutional clients to meet their regulatory requirements, Gemini’s head of risk, Yusuf Hussain, explained to Cointelegraph in a Jan. 16 story, and this “is consistent with Gemini’s approach of …

The Winklevoss’ Gemini Exchange has launched an insurance company to cover up to $200 million for Gemini Custody — reportedly the largest amount for any crypto custody service in the world. Head of risk at Gemini Yusuf Hussain shared the news with Cointelegraph on Jan. 16. The captive insurance company is called Nakamoto, Ltd. and will secure Gemini’s custody business for up to $200 million. Aiding Nakamoto, Ltd.’s launch were major traditional insurance brokers Aon and Marsh. Gemini’s custodial clients will also reportedly be able to purchase additional insurance from Nakamoto, Ltd. in order to secure their own holdings beyond …

On Dec. 12, the second-largest health insurance company in the United States announced plans to leverage blockchain technology to secure the medical data of all its 40 million members over the next three years. The most unique quality of a blockchain is that once a piece of information is added to the distributed ledger, it cannot be altered. The information stored on a blockchain is absolutely secure and trustworthy in its entirety. In order for a change to be made in one block, changes must be made to all the subsequent blocks associated to the affected block. Being synonymous with …

The International Blockchain Monetary Reserve (IBMR) and blockchain firm Algorand are jointly launching a microfinance platform and a dedicated token to promote financial inclusion in Southeast Asia. Per a press release shared with Cointelegraph on Dec. 12, the partnership between the two entities aims to develop and launch a microfinance ecosystem based on Algorand’s blockchain technology in a bid to boost the financial inclusion of the urban working poor in the region. Within the initiative, the parties will also introduce a dedicated token dubbed the Asia Reserve Currency Coin (ARCC). Not to provide free spending money ARCC is designed to …

The United States Federal Emergency Management Agency (FEMA) is exploring the idea of a blockchain-based property registry to streamline disaster insurance payouts. In its latest National Advisory Draft Report to the FEMA Administrator, the agency indicated its interest in deploying blockchain technology in order to streamline disaster insurance payouts and improve the speed of disaster responses. To achieve this, FEMA recommended the establishment of a blockchain-based property and land registry, containing all critical information needed to file an insurance or disaster assistance claim. Cutting the rate of self-insurance for public infrastructure FEMA suggested that such a registry would not only …

China’s Zhejiang province has processed nearly $6 billion via a blockchain medical billing platform using Ant Financial’s blockchain technology, Chinese publication QNSB reports on Nov. 18. Successfully piloted in 2018, the blockchain-enabled platform allows citizens to make doctor’s appointments, get prescriptions as well as pay, record and store their medical bills online. At a local blockchain event on Nov. 18, the Zhejiang Provincial Department of Finance announced that the platform had 480 medical institutions across the province as of Oct. 28. The officials said that the platform processed 41.7 billion Chinese yuan ($5.9 billion) as of October. The platform is …

Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, has procured a crime insurance policy developed with broker and risk advisory firm Marsh and insurance company Arch Insurance Limited. According to an announcement on Nov. 14, the Ledger Vault platform now provides its users a customized crime insurance program for cryptocurrencies for up to $150 million. The program applies to third-party theft of the master seed and private keys, secure transmissions of the master seed fragments, and insider Ledger employee theft caused by collusion. Commenting on the new offering, Demetrios Skalkotos, global head of Ledger Vault, explained: “The policy …

Major American crypto exchange Coinbase, asset custodian Kingdom Trust and alternative assets investment firm Regal Assets have begun offering cryptocurrency-based individual retirement and 401(K) accounts in the United States. An individual retirement account (IRA) is an investment account that enables an individual to save money for retirement in a tax-deferred way, while a 401(K) represents a qualified retirement savings plan offered by an employer. In a Nov. 13 press release, the firms said that the new offering will give investors access to more than 30 digital currencies in the industry directly through Coinbase, with insurance protection provided by British insurance …

The United Kingdom-based charity organization Oxfam International announced the success of its blockchain-based delivery system of microinsurance to paddy field farmers in Sri Lanka. In a Nov. 4 press release, Etherisc announced that Oxfam’s blockchain-based insurance system had made pay-outs to Sri Lankan farmers who continue to risk losing their crops due to extreme weather events. Blockchain reduces costs and increases pay-outs Oxfam in Sri Lanka, together with its partners Etherisc and Aon plc, will now continue to seek solutions to some of the challenges that will present themselves as the new cropping season starts in the month of November. …