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Fintech Startup fidentiaX Introduces World’s 1st Marketplace for Tradable Insurance Policies

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fidentiaX

SINGAPOREOct. 15, 2017 /PRNewswire/ — Fintech start-up fidentiaX is in the developmental phase of creating the world’s first marketplace for tradable insurance policies by disrupting the status quo by empowering policyholders to monetise policies on the blockchain. fidentiaX will also be setting up fidentiaX Open Source Foundation (fSOF) to proliferate the embracing of blockchain technology for the insurance industry.

In 2016 alone, the total market size for insurance premiums in the 40 OECD reporting countries was estimated to be in the north of $3.86 trillion dollars and Asia is projected to the be fastest-growing market for life insurance with an estimated real annual compounded growth rate of 10.2%.

The tradable insurance market is faced with inefficiencies such as:

Lack of awareness – Policyholders are unaware that policies are tradable assets which could be sold in the open market for a higher value. In 2015, out of the US$112 billion worth of policies surrendered in the U.S., US$57 billion (estimated 250,000 policies) could be resold.

No Recognizable Marketplace – The lack of a recognizable marketplace makes it challenging for sellers and buyers to connect.

Dependency on 3rd party – In the rare occasion where seller and buyer actually connects, parties need to place trust on a 3rd party to effect the transaction.

fidentiaX’s marketplace will be a membership-based ecosystem focusing on the key stakeholders and providing the following services:

Policy ledger – Break traditional reliance on intermediaries by creating a digital ledger for policyholders.

Trustless Marketplace – Provides a platform for buyers and sellers to connect and trade policies via the blockchain.

fidentiaX will focus on building its operations within Asia before executing its global expansion strategy. Key countries within Asia are Hong KongJapan, Korea, Malaysia, and Singapore.

To learn more, please visit fidentiaX’s official website at https://www.fidentiax.com and stay updated with their Crowd Token Contribution launch by subscribing to their mailing list.

Stay connected through their social channels:

Join us on Telegram Channel at https://t.me/fidentiaX
Follow us on Facebook –
 https://www.facebook.com/fidentiaX
Follow us on Twitter – https://twitter.com/fidentiaX

Media Contact:
Name: Alvin Ang
Email: Alvin.A@fidentiaX.com
City and Country Location: Singapore

https://www.fidentiax.com

“This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company, product or service. Bitcoin Africa Ltd. is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in the press release.”

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Zimbabwe Has One ATM With Cash, And You’ll Need Bitcoin To Get It

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Zimbabwe bitcoin atm

Golix, Zimbabwe’s first and largest cryptocurrencies exchange, has broken new ground once again by acquiring the country’s first ever Bitcoin ATM, which comes loaded with hard US dollars.

The machine – which was activated earlier this week – allows anyone to buy and sell bitcoin at favourable rates using the greenback. It is the only ATM in Zimbabwe dispensing US dollars to customers selling bitcoin. Through an easy-to-use interface, it provides tech and cryptocurrency newbies a simple way to buy bitcoin. It has been placed in Golix’s Customer Support offices which are located along First Street Harare – one of the busiest streets in the capital city’s business centre.

Thanks to Golix’s ATM, Zimbabwe joins an elite score of fewer than 70 countries around the world that have introduced the machines which provide convenience to customers, especially first time users of cryptocurrencies and the unbanked without access to digital funds. The development is not only significant for Golix but also for Zimbabwe.

Just a decade ago the Southern African country recorded the highest rates of hyperinflation in modern history, turning virtually every citizen into a trillionaire and rendering normal banking services like ATM withdrawals pointless. The adoption of a foreign currency system in 2009 halted the effects of inflation, but in the past two years, the country has suffered from a new problem altogether. A cash crisis has gripped the formal financial system, resulting in unending bank queues and leaving the country’s 472 ATMs network useless.

As such the Bitcoin ATM serves to be a financial game changer in a country that has no fiat currency of its own. In the same way that customers insert a card into a traditional ATM, the Bitcoin ATM allows customers to insert US dollars which are converted to the volume of bitcoins that they want to buy. The ATM then sends the bitcoins straight to the customer’s wallet. Customers who purchase bitcoins without a bitcoin wallet have the option to generate a bitcoin address.

Golix product manager, Yeukai Kusangaya, said that the bitcoin ATM was one of the many products lined up to ensure that the public has easy access to bitcoins. “After realising that the public is still struggling to understand or in some cases access bitcoin, we felt that the bitcoin ATM would be a huge and necessary step towards engaging people on how they can use cryptocurrencies for their daily business.

“For anyone who has used a traditional ATM, they won’t struggle to find their steps when they are using the Bitcoin ATM,” said Kusangaya. Also weighing in, Golix CEO, Tawanda Kembo said that this is the only ATM in the country with cash.

“Gone are the days when the only means of making an international payment was first buying cash on the parallel market and then driving all the way to Zambia to pay a supplier. This bitcoin ATM moves us one step closer to achieving our mission of giving every person in Africa financial autonomy,” said Kembo.

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The Blockchain Africa Conference 2018 attracts big-name sponsors

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Conference organisers Bitcoin Events

Conference organisers Bitcoin Events are thrilled to announce Microsoft South Africa and IBM as the main sponsors and partners of the Blockchain Africa Conference 2018.

Both Microsoft South Africa and IBM have been working with blockchain technology and are bringing this technology to companies and governments with their innovative solutions.

Microsoft has developed Microsoft Azure, a blockchain as a service platform. It’s a quick, inexpensive and fail-fast platform where any company (including start-ups, retailers, healthcare providers and global banks) can collaborate and experiment with new business processes that use blockchain technology.

IBM Blockchain Platform provides support for governments and banking, healthcare and logistics industries to transform their business practices using blockchain technology. The platform is designed to accelerate the development, governance and operation of any multi-institution business network.

Other Blockchain Africa Conference 2018 sponsors are:

  • Telcoin
  • BankservAfrica
  • Aion
  • Centbee
  • Dimension Data

Read more about our sponsors here.

The conference

The 4th annual Blockchain Africa Conference 2018 takes place at Microsoft South Africa in Bryanston, Johannesburg on 8-9 March.

The conference will focus on blockchain technology and cryptocurrency use cases, the regulatory environment, technology challenges, and opportunities in innovation and disruption. A lot of these opportunities lie on the African continent where a huge need for financial inclusion exists.

For more information about the conference or to buy tickets, visit blockchainafrica.co or email info@blockchainafrica.co. 

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Bitcoin Battle: Weiss Responds to Industry Outrage about C+ Grade; Reveals Factors and Data Behind Rating

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Weiss Ratings

PALM BEACH GARDENS, FL — In the midst of a heated controversy over its C+ grade for Bitcoin, Weiss Ratings responds today to industry outrage with a 14-page report revealing key factors and data behind its rating.

One industry leader tweeted: “Any rating that doesn’t give Bitcoin an A has some screws loose.” Others said the Bitcoin’s C+ is “laughable.”

“For investors,” responds Weiss Ratings founder Martin D. Weiss, PhD, “an A rated crypto would be one that rarely crashes, and right now, there’s no such thing. But we do understand where developers are coming from. They tell us they don’t care about market fluctuations. They feel our ratings should reflect strictly the quality of their work and its relative success in the real world.”

Aiming to address both audiences, the Weiss model combines four sub-models: Risk and Reward, adapted from its stock and ETF ratings, plus Fundamentals and Technology, which are unique to cryptocurrencies. Here’s how Bitcoin performs on each:

Risk and Reward. Bitcoin investors have recently made less than altcoin investors, while continuing to experience the risk of extreme volatility.

Fundamentals. Due credit is given for adoption and security, but Bitcoin loses points on network congestion with just four transaction per second and high fees of about $10 per transaction. In addition, the top five miners control some 70% of total hashpower, also a negative.

Technology. Bitcoin lacks the governance needed for prompt upgrades and is falling behind in a rapidly evolving industry.

Another industry criticism is that Weiss overweights price volatility. “Not so,” he says. “Our model accurately reflects an inconvenient truth about the market’s extreme swings. But our ratings are continually updated. If prices stabilize or speed enhancements are rolled out successfully, an upgrade is possible.”

The Weiss Ratings report, “Bitcoin Rating Controversy: Why We Give It a C+,” is now available online. Those wishing to subscribe can visit this page.

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