Blockchain startup Infineo has successfully tokenized $125 million worth of life insurance policies on the Provenance blockchain, just three months after launch. The move is designed to ensure beneficiaries are notified in a timely manner when the policyholder dies. In the future, Infineo plans to launch a secondary market and allow loans to be made using life insurance policies as collateral.
At present, policyholders can upload their policies to the Infineo platform and add the contact information of the beneficiaries, and the policy information will be encrypted and recorded on the public blockchain. Cole Snell, founder and CEO of Infineo, said that the tokenization marks the huge potential of life insurance as a real-world asset tokenization, driving innovation and development in the industry.
Although the death notification service is currently free, Infineo's future profit model will rely on secondary market transactions and lending services.
Infineo tokenizes 125 million USD life insurance policy, plans to establish secondary market
2024-09-09 22:53:41
Blockchain blockchain startup infineo provenance block Shangcheng power tokenizationdesk3cryptocurrencydesktopCrypto News
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