Singapore-based PolicyPay Network said to close ICO on $20m

Singapore-based InsurTech platform PolicyPal Network has reportedly collected 24.809 ETH, approximately $20m, in its ICO.

The company raised the funds through a private pre-sale and public token sale, selling out within 38 seconds, according to a report by e27. Capital from the round will be used to develop the blockchain-based network, it sates.

PolicyPal is an online insurance platform for the underbanked and cryptoassets. CryptoProtect is a cyber security service that is partnered with insurers to protect cryptoassets. Policies will be distributed by the company but underwritten by ‘AA’ global insurers and will cover assets for blockchain startups. In the future the company hopes to offer policies for cryptowallets on a personal level.

The company also hopes to support the underbanked to get insurance through its PolicyPay Network, which lowers the high premium entry barriers. Smart contracts automate the underwriting process to lower premiums.

PolicyPal’s roadmap outlines the company’s next steps are to have a proof of concept for CryptoProtect with a global insurer in Q2. During the next quarter, the company will also launch the alpha test of its products.

The company is looking to expand to Taiwan, Indonesia, Thailand and Japan and reach emerging markets, according to the article.

This is the 10th InsurTech company to receive funding this month. Earlier in the week, FIGO Pet Insurance collected $4m in an investment from HCS, and insurance comparison platform honcho picked up £850,000 in crowdfunding.

Copyright © 2018 FinTech Global

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