InsurTech Futures: InsurePal raises £15m ahead of UK motor launch
Start-up uses blockchain technology and aims to offer lower premiums for customers able to gain ‘social proof’ guarantees from friends and family.
Peer-to-peer insurer InsurePal has raised £15m in an Initial Coin Offering (ICO) to fund its UK motor launch in the first half of 2018.
An ICO is a way of crowdfunding via the use of cryptocurrency, usually Bitcoin, and the InsurTech start-up said that the crowdsale for InsurePal tokens online was sold out in less than two minutes.
The company uses the Ethereum blockchain platform as a technology base for transactions and stated that it will offer lower premiums for those able to gain ‘social
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