Insurtech InsurePal launches ICO alongside product plans
UK-based insurtech InsurePal is seeking to raise £15m ($18m) via an initial coin offering. The fundraising comes ahead of the company's planned launch of a motor insurance offering in 2018. InsurePal will reportedly make use of the ethereum blockchain platform, allowing customers to establish "social proof" of their character via testimonies from friends and family, and receive premium discounts for doing so. The firm will only take on risk which has been "endorsed" by a third-party testimony. Endorsers are rewarded by being given tokens, which can be used towards their own discounts, traded or invested.

Peer-to-peer insurer aims to raise £15m in funding through an Initial Coin Offering.

Start-up InsurePal has launched an Initial Coin Offering (ICO) with the aim of raising $18m (£15m) to fund its UK motor launch in 2018.

The peer-to-peer insurer, which uses the Ethereum blockchain platform as a technology base for transactions, stated that it will offer lower premiums for those able to gain ‘social proof’ guarantees from friends and family.

Key advisers to the company include former Direct Line chief operating officer Damian Arnold and Lloyds of London veteran Tom Manson.

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