San Francisco Blockchain Startups Companion on Decentralized Insurance coverage


Two San Francisco blockchain startups are teaming up, together with one that’s aiming to create a sort of decentralized Airbnb.

Quick-term housing rental startup Bee Token and monetary companies platform WeTrust are partnering to develop a “decentralized insurance coverage layer primarily based on crowdsourced safety deposits.” In different phrases, the deposits would act as a monetary buffer for each the hosts itemizing on Bee Token’s Beenest platform in addition to effectively as visitors.

To get there, the 2 startups plan to attach with each other to share details about customers, together with their total trustworthiness as both tenants or hosts. The thought is that by bringing down the price of a serious pitfall – that’s, insurance coverage towards doable property injury – the 2 firms can open up entry to a residential-focused sharing economic system.

CEO of WeTrust George Li was quoted as saying:

“We couldn’t be happier about this partnership with Bee Token. This collaboration is strictly the kind of modern use case that we imagine will show the benefits of our platform in managing the complicated processes concerned with decentralized insurance coverage and insurance-like merchandise throughout various industries.”

Bee Token’s platform has its personal BEE token, which was simply the topic of a $10 million presale. A public token sale begins on the finish of this month.

In a current interview with the San Francisco Chronicle, Bee Token co-founder Jonathan Chou advised that the platform would, in a means, cater to these already uncovered to the world of cryptocurrencies.

“We cater closely to the cryptocurrency viewers to begin; it’s not as intuitive to mainstream customers”, Bee Token Co-founder Jonathan Chou told the newspaper. “We expect the brand new want is for folks to have the ability to spend bitcoin foreign money.”

House picture by way of Shutterstock

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