Blockchain Insurance firm raises $16 million through recent ICO

After the Bitcoin highs of late 2017, many people have started believing in the potential of blockchain technology and cryptocurrencies. Since then, a huge number of Initial Coin Offerings (ICOs) have succeeded in raising the desired amount despite the tightening regulations.

In an ICO conducted last month, blockchain start-up B3i successfully raised sixteen million dollars ($16m), raising the collective total to twenty-two million dollars ($22m). The new capital added came through two methods the first cash while the second being converted debt. Around $8.34 million came through cash while $7.66 million came through.

B3i or the Blockchain Insurance Industry Initiative is a collaboration of insurers and reinsurers formed to explore the potential of using Distributed Ledger Technologies. The firm was incorporated on 23rd March 2018. It was around that time that the company shifted from Hyperledger to R3’s Corda platform.

The company had previously raised more than six million dollars in March last year after its incorporation. However, the company is yet to disclose their aim while some people state that the aimed sum is of a stunning two hundred million dollars.

The firm has gone through some very serious changes including the addition of new executives from existing collaborators. Moreover, one of the firm’s director was replaced by Theo Bachmann the head of property and casualty insurance sector at Swiss Re.

The company is planning on using decentralized blockchain technology to increase the efficiency of office work including data handling and its processing. The company incorporated last year to an independent firm in order to commercialize a few of its products.