The project is also announcing a series of high-profile partnerships this week
Decentralized insurance is one of the missing pieces in the fast-growing ecosystem of decentralized finance applications. Having grown from a $600 million to a $63 billion market over the past year, the sector now represents one of the foremost investment opportunities in the blockchain industry. However, a lack of proper insurance services has stopped many institutional investors from diving further into the space.
UnoRe – a decentralized reinsurance platform built on Polkadot – has launched on a trendy Polkastarter exchange and sold in just under 9 minutes, UnoRe team has tweeted. The project allocated $200,000 worth of $UNO tokens priced at $0.12 per token. 980 users who had joined UnoRe’s whitelist earlier qualified for the IDO event, which was followed by a Uniswap listing.
Commenting on the launch, award-winning entrepreneur, co-founder and CEO of UnoRe Jaskanwar Singh said that “reinsurance as an investment is a severely untapped industry. UnoRe was born as a vision to allow retail investors entry into this impervious market and enable them to leverage it to its fullest monetary potential.”
UnoRe says it wants to offer “simplified and digitized reinsurance” and is the first company to break away from the monopoly of large corporations controlling this market. The project is getting traction this week with a number of big announcements. KUCOIN Labs will be providing strategic advice and marketing guidance to UnoRe through a newly formed partnership. In addition, UnoRe is backed by OkEx Blockdream Ventures, which will offer its “products, services, brand endorsements and more,” an announcement said.
Besides OkEx Blockdream Ventures, other blockchain VC firms are supporting UnoRe, which include Kyros Ventures, Black Edge Capital, Moonrock Capital, Fairum, DFG and others.
