Popular Zurich based blockchain startup B3i service AG which is run by the largest insurance consortium of the world has quietly generated 16 million dollar fund in February. This has, in turn, increased their entire capital revenue to 22 million dollars, the recent filing stated.
B3i Service AG is a blockchain startup firm that was incorporated by Blockchain Insurance Industry Initiative B3i in March 2018 and is being operated by various international insurance companies which include companies like Munich Re and Swiss Re. They have managed to raise $16 million and have maximized their capital amount.
As per the filing, B3i blockchain insurance company has managed to generate 8.27 million of Swizz francs around 8.34 million dollars through cash and the remaining amount of 7.9 million of Swizz francs approximately 7.9 million dollar through converted debts.
From the time the blockchain company was found in March 2018, B3i has raised around 6.35 million dollars. However, the company denied responding to the comment during the press time, but it was understood that the company was looking for more funds.
The blockchain insurance company is seeking to create a blockchain based trading platform for a value-added chain, wherein the Zurich based startup B3i Service AG is planned to execute the results in a working blockchain trading system.
Other reports also mention that the company is trying to raise more funds and also working towards increasing its capital to more than 200 million dollars.
The Blockchain Insurance Industry Initiative (B3i) is an association of insurers and reinsurers established so as to explore the capacity of using Distributed Ledger Technologies. During the time of its incorporation in March 2018, it moved from Hyperledger to R3’s Corda platform.
Serious Changes in Board Members
The firm has taken a very serious step of changing its board members, and they have added new members, new executives over the existing members, reports mentions.
The CFO of reinsurance, Gerhard Lohmann at Swiss Re has resigned from the board of B3i, and the CFO position is now taken over by Theo Bachmann who was the managing director and the head of the property and casualty (P&C) insurance at Swiss Re.
The member who is new to the consortium board and not from the B3i shareholder Daniel Quermia has been added to the board member list, and he was the CFO and director at MAPFRE RE and Spanish insurance company.
Other shareholders of B3i are Aegon, Munich Re, and Allianz along with Swiss Re, Zurich, Tokio Marine, and XL Catlin.
The blockchain field has noticed various developments related to insurance consortia. In January, Aetna the US-based health insurance company had collaborated with IBM so as to develop a blockchain network suited to the health industry.
The main aim of the project is to use the distributed ledgers to simplify the separated processes of office and claim payments and also to control directories. Other members from the healthcare and technology firms are reportedly thinking of joining the projects in the days to come, as per the statement.