InsurePal, a distributed social proof insurance platform, recently finished their crowdsale, reaching a hard-cap of $18 million in only 80 seconds. Starting 18th January, the IPL tokens are now poised for trading on Livecoin.net exchange. According to their CEO, other exchanges will soon follow.
InsurePal sold-out 70% (140,700,000 IPLs) in their pre-sale and the remaining $5,4 million in the first 1 minute and 20 seconds of their crowdsale. The InsurePal token (IPL) was delivered to InsurePal contributors immediately after their crowdsale was finished on 16 January. Their tokens are now listed on LiveCoin.net exchange, giving all the latecomers the opportunity to buy. According to the number of successfully whitelisted addresses, 20,194 users wished to participate in the crowdsale, proving the market demand for IPL token is extremely high.
Slovenian-based start-up InsurePal has successfully raised funds intended for their global blockchain insurance platform based on social proof and received a great support from their global community. “For us, this is a tremendous opportunity and a great honor and we are focused on the future as we wish to be fully operational in the shortest possible time. Our goal is to utilize the progress made thus far to launch the platform in six months’ period. The pilot project will take place in the UK, where we`ve already held several talks with insurance companies as potential partners and with the regulator. We partly assembled a team as well,” explains InsurePal CEO Matt Peterman. The funds collected will primarily be devoted to the technological development of the platform, which will in large part remain in Slovenia, continuation of patenting process, the acquisition of regulatory permits, the team expansion and formation of strategic business partnerships.
Insurance is a very demanding sector in terms of regulation, especially so for a new entrant with a crypto offering as it requires a series of regulatory and legal approvals. The company therefore made sure such arrangements are in place in good time, hence enabling the launch of the platform in accordance with company`s Roadmap within the Great Britain, Europe and later, the US.
Many established crypto advisors and international experts expressed their support in the project. Amongst them is a Bitcoin pioneer Charlie Shrem with his newly-established consultancy Crypto IQ. He recognizes the disruptive potential in the experienced team and widely-applicable solution that represents an upgrade to the existing insurance system and at the same time opens up a number of new opportunities in the field of crypto economics. “InsurePal`s greatest asset is its team and idea. I am super excited to watch the team execute the platform. I always ask myself before getting involved: “Would I use this product?” With InsurePal, the answer is definitely yes,” says Shrem.
Vinay Gupta, one of Mattereum`s founders and previously release coordinator for Ethereum, congratulates the team: “”I am very happy to hear about how successful the InsurePal fundraising efforts have been. We at Mattereum are looking forwards to working with them closely in 2018 on a range of projects, including some close integration between insurance and arbitration.” Together, they are entering a partnership on effective mass use of blockchain in which insurance and dispute resolution support claims about identity will underpin and boost the growth of the user-managed crypto economy.
Social proofing will make it possible for individuals to store their data based on social evidence on the distributed ledger, empowering them with sovereignty on deciding whether, when and which companies will be given permit to access them. “The insurance platform that introduces social proofing can truly act as a universal solution disrupting the existing $7 trillion insurance market and at the same time, entering into many new segments. I am convinced that we will achieve our business goals in planned time and thus become the leading global provider in this field,” concludes Peterman.