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Zurich start-up B3i Service AG, a Zurich start-up, increased its capital by $ 16 million in February, according to documents recently published in the Swiss Commercial Register.
B3i Service AG – a blockchain initiative formed by the B3i Blockchain Insurance Industry Initiative in 2018 and led by several international insurance companies, including Munich Re and Swiss Re, raised approximately $ 16 million. which raised its capital to 22,475,945 Swiss francs ($ 22.6 million). .
According to the documents filed, the company raised 8.27 million Swiss francs ($ 8.34 million) in cash, the remaining balance, 7.9 million Swiss francs ($ 7.9 million). ), being converted into debts.
The consortium would intend to develop a blockchain trading platform for a value-added chain of the entire insurance industry, within which B3i Services AG should implement the results into a system of block trading.
The blockchain space has witnessed the formation of other consortiums related to insurance. In January, the American health insurance giant, Aetna, joined forces with IBM to create a network of block chains adapted to the health sector.
The project aims to streamline the processing of insurance claims and payments, as well as manage directories. According to the statement, other members of the health and technology sectors are expected to join the project in the coming months.
Previously, enterprise software company focused on distributed database technology, R3 has expanded its mandate to include insurance companies. Last December, 26 French financial and insurance companies and five major banks conducted a test of their client's knowledge based on the R3 Corda blockchain platform.
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