Who Insures the Insurance Companies? -Uno Re Running on Syscoin
In line with our mission to drive adoption of the Syscoin Platform and expedite the innovation of new services running on the blockchain, we are proud to welcome our next partner, Uno Re.
Considering that the Syscoin NEVM is the infrastructure that will herald in the transition to Web 3.0, we are particularly keen to enable projects who seek to onboard traditional markets, while also expanding them in the novel ways our technologies allow. Uno Re is not simply our first foray into the inclusion of the insurance industry, but also the world’s first platform that will allow individuals like you and me, to trade and invest in insurance risk portfolios.
Traditionally, this profitable enterprise has been dominated by a few large companies. By decentralizing this ability, retail investors will also have a chance to partake in their own piece of the pie. Aside from giving individuals the power to participate in something that only big business has been able to do, Uno Re will also add some much needed transparency to the entire industry.
In addition, this is a market that will only grow as people realize the desire to insure nontraditional items such as NFTs and cryptocurrency portfolios. Uno Re’s mission is to enable people on both ends, the insurer and insuree, to efficiently conduct business in a manner that is agreeable to both parties.
Jas Singh, CEO & Co-Founder of Uno Re, on his company’s aims:
“With new technology, comes new services - our partnership with Syscoin is nothing but extraordinary. Aiming to provide transparency and utmost security to users within the crypto ecosystem, we are super excited to work with Syscoin and mutually benefit each other”.
Together, we have reached the conclusion that Uno Re will be best served by utilizing ZK-Rollups, which will launch on Syscoin’s NEVM in Q1 of 2022. Syscoin offers Uno Re not only unleashed speed and custom fees, but also other benefits unique to our platform. Given Syscoin’s security and opt-in regulatory compliance, Uno Re will be able to insure security tokens that run atop Syscoin’s platform at cheaper premiums.
Our two organizations will continue to work closely with one another to maximize the mutual benefits of our shared knowledge and specialties. As a token of Uno Re’s endorsement for the Syscoin Platform, they will be offering preferential insurance discounts of up to thirty percent for all projects built atop Syscoin. All protocols launching on Syscoin Launchpad will be provided IDO coverage for their users.
Jag Sidhu, Lead Core Developer of Syscoin & CTO of Blockchain Foundry Inc., had the following to say about the partnership:
“Syscoin has discovered the holy grail of regulatory compliance for securities and DeFi, which our ZK-Rollups can inherit if needed. Uno Re’s Reinsurance proposition will expand this application into an incredibly exciting frontier.”
About Syscoin
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM combines the best of Bitcoin and Ethereum in a single coordinated platform.
Bitcoin's proven security and Ethereum's Turing-complete programmability elevated to true L2 scalability via ZK-Rollups taking place on a singular platform, Syscoin, will usher in the next step in the evolution of blockchain technology.
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About Uno Re
Uno Re is the world’s first decentralised insurance and reinsurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. With the launch of the Cover Portal, backed by Uno Re’s native staking pools, users will soon be able to insure any asset in their wallet within the crypto ecosystem.
Dec 23, 2021 by Syscoin Foundation