According to a press release published on April 3, a Swiss blockchain-based insurance transaction platform B3i has dilated its groups of investors in it is in progress funding round.
Per the announcement, B3i has extra 3 new insurance insurer and reinsurers to participate within the company’s current funding round. B3i notes within the announcement that the primary section of the product scheduled to be launched within the fourth quarter of 2019 is being evaluated, whereas invites for the second wave of investors are being extended.
Additionally, B3i formed a Board of Directors that includes nine senior executives of the investor companies. The chairman of the Board, Antony Elliott, who is also Group Head of Business Transformation at Zurich Insurance Company Ltd, said:
“B3i’s community of shareholders and other network participants exceeds 40 companies who represent over half the world’s reinsurance premium and major primary insurers. B3i will continue to expand its shareholder and user base over the next several months as the initial products are rolled out.”
B3i may be a blockchain initiative targeted on multi-company syndicated risk placement, accounting, and claims. the corporate developed a product supported R3 Corda’s distributed ledger technology (DLT) that aims to increase efficiency and security of the insurance business.
As according in late March, B3i raised regarding $16 million in the month of February having maximized its capital to 22,475,945 Swiss francs ($22.6 million). The company raised 8.27 million Swiss francs ($8.34 million) in the form of cash, while the remaining part of the sum, 7.9 million Swiss francs ($7.9 million) comes as converted debt.
That same month, blockchain syndicate R3’s trade finance platform Marco Polo completed its 1st real transactions between Germany and China, involving 2 German corporations. One group action saw couplings delivered from Germany to China, whereas a second was supported hydraulic pumps delivered within Germany.