Blockchain Insurance Startup B3i Launches Its First R3 Corda-Based Product, Cat XoL

Blockchain Insurance Startup B3i Launches Its First R3 Corda-Based Product, Cat XoL

An insurance consortium called B3i has recently created its first blockchain product, which is based on the R3 Corda blockchain.

According to the press release, the new product will be called Property Catastrophe Excess of Loss Reinsurance. The product was being awaited for a long time as the company first announced that it was developing on top of Corda around a year ago.

Nicknamed as Cat XoL (because the official name is just too big), the product was created in order to increase the speed and diminish the costs of the transactions in the market. This way, the dealers, brokers and insurers would be able to make business in a more secure and efficient way.

According to the company, the new product is “the first of its kind” because it integrates the nodes of several actors and creates a structure that is more stable than the ones which are being used so far.

The team also affirms that the product makes the investors able to overcome some of the most time-consuming tasks and cut useless work. Also, the decentralization and immutability of the blockchain are used to create a network in which information can be shared in real-time in a secure and efficient way, which will drastically reduce any kind of operational risk.

Because of this, the expectation of the company is to be able to make lasting changes in the market and to upgrade it for its most efficient version. In order to create its product, B3i has been able to raise $22 million USD so far, according to its official filings.

The Chief Product Officer of B3i, Sylvain De Crom, affirmed that the Cat XoL app is the first blockchain offering of the company and the wider infrastructure that was created by the company until now. With this, he promised that the insurance market would become more seamless over time.

John Carolin, B3i’s CEO, called this a pivotal moment for the company and affirmed that CatXoL is one of its greatest creations.

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Author: Gabriel Machado

R3 Is Ready To Support A Brazilian Stock Exchange Banco Maré Focused on Startups via BVM12 Platform

R3 Is Ready To Support A Brazilian Stock Exchange Banco Maré Focused on Startups via BVM12 Platform

The prominent blockchain consortium R3 has decided to start a partnership with Banco Maré, a Brazilian fintech startup, in order to launch a stock exchange in the country which will be focused on investing in tech startups.

Banco Maré is a digital bank powered by the blockchain technology that has a heavy focus on financial inclusion and is now planning the creation of the tokenized stock exchange in the country.

The platform is being called BVM12 at the moment and its main goal is to act as another way that startups will be able to use in order to get funds. On one hand, they get the investment that they need in order to take their businesses forward, on the other hand, the investors can get high returns on investment for using their money to support these companies in their early stages.

The bank, which is set in Rio de Janeiro, has already consulted with the Brazilian Securities and Exchange Commission and it is looking to request permission to conduct this project officially in the next month.

Alexander Albuquerque, the CEO of Banco Maré, has affirmed that this new company can be very important in order to “democratize risky investment” in the country. He also affirmed that this could help the low-income public to be a part of the stock market.

Obviously, this also means that people with not a lot of financial stability would be betting in very risky businesses, which could have a very negative impact on their lives and on financial stability overall, as this would be a very speculative market.

In related news, it seems that Brazil is finally waking up to the potential of blockchain technology. For instance, the government is currently considering a bill that would require local administrators to use new techs such as the blockchain. The state of Bahia, for instance, has launched a blockchain that will be used to track public bidding on contracts.

The blockchain is getting so popular that even the Rio Branco Institute, one of the most traditional diplomacy institutes in the country, is now requiring diplomat candidates to learn about the blockchain technology.

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Author: Gabriel Machado