fidentiaX is a company based in Singapore that launched their Initial Coin Offering in November of 2017. They have successfully concluded their initial coin offering process over the course of December. The firm was able to bring in participants and sell over $1,500, 000 worth of fdX tokens over the duration of the Initial Coin Offering.
The blockchain based institution is seeking to bring about the world’s first marketplace for tradable insurance policies. Their vision is to create a trading marketplace and repository of insurance policies for the masses by leveraging blockchain technology. This blockchain powered marketplace will provide a trustless, immutable, auditable, and transparent environment to disrupt the status quo in the current insurance market. The fidentiaX Open Source Foundation (FOSF) will be set up by this mission and grow the interest in the adoption of blockchain technology in the age old insurance industry.
Their Current Achievements by Their Roadmap
As noted above they have launched and completed their initial coin offering by their roadmap, and they are moving forward in the next part of their plan. This month is supposed to be the launch of their fidentiaX membership marketplace. After this step, they will be aiming to launch their fidentiaX model portfolio in June. While they head toward June, they are working on different aspects that are needed in building their community.
To bolster the strength of their platform they are partnering with iXledger, “a ground-breaking alternative marketplace for reinsurers, insurers, and brokers to trade insurance products directly.
This partnership may prove to be beneficial in the long term as they both work on insurance products and one is catered toward individuals while the other is catered toward intermediaries and institutions.
But how will this progress the industry further?
The connectivity between the two is supposed to disrupt the aspect of distribution.
According to the company, “Insurance policies in its simplest form is a means of transferring risk. Policyholders purchase an insurance policy to transfer certain form of insurable risk to the insurer; the insurer will then “re-sell” that risk to the reinsurer.”
That’s the simple part, but from this point on, the system gets a little bit more complicated. The “distribution- chain” requires more people to be involved, this means there are more parties involved in the relationship between the individual who is holding the policy and the institution responsible for ensuring the individual. The types of individuals that are involved are people like Agents, brokers, and reinsurers. The more people that there are in this distribution chain, the more costs that have to be borne by the policyholder.
Through the connection of both the fidentiaX platform and the iXledger marketplace, those who are members of fidentiaX would be able to access offerings from iXledger. Providing for more trading and accessibility of offerings, this should result in further savings for all involved.
The company also talks about why it would be beneficial for potential investors to take part in the marketplace. The reasons that they mention are focused around the concepts of a better risk-return performance versus similar sort of instruments and an inherent capital preservation feature and liquidity.
Participants will be able to purchase these policies through the fidentiaX marketplace through a variety of fiat and cryptocurrencies. They will be accepting dollars, euros, pounds and Australian dollars in addition to Bitcoin, Ethereum and fidentiaX and iXledger tokens.
Comments from the project
The leader of the fidentiaX platform commented on the partnership talking about the collaboration of teams and the goals that they have in common.
“Since the announcement of our strategic partnership with iXledger back in November 2017, both teams have been working closely together on solutions to democratize the insurance industry. This is just the first step towards our joint vision of “waking the sleeping giant”. We are very excited about the potential of this partnership.”
-Alvin Ang, Co-founder of fidentiaX