Fineqia Announces Stake in Blockchain Insurance Company

Fineqia (CSE:FNQ) has announced it’s taking an equity allocation in Black Insurance, a digital insurance startup working on the blockchain.

As quoted in the press release:

Black intends to become a licensed insuer and enable the underwriting of new insurance policies via insurance syndicates akin to the Lloyd’s market. Insurance brokers and agents will be able to create bespoke insurance schemes faster and cheaper using the Black platform.

Black will price the risk of specific syndicates and sell fractional ownership in such pools in the form of tokens representing the unit value of each syndicate’s expected financial return. This process makes participation in insurance syndicates more efficient and transparent via time-stamped and traceable transaction records recorded on the blockchain.

Black is gearing toward an ICO later this year, to sell utility tokens that will be used for transacting on its platform, once it is publicly available.

The strategic investment allows Fineqia to strengthen its existing pipeline of asset-backed debt securities that will be offered to investors on its platform.

Click here to read the full press release.