Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Blockchain

Ocean Falls’ First Blockchain Application SuretyBlock Now Whitelisting Contributors to Reserve Pool

Published

on

Vancouver, British Columbia–(Newsfile Corp. – June 7, 2022) – Ocean Falls Blockchain Corp. (“OFB” or the “Company”) is pleased to announce that SuretyBlock, OFB’s first blockchain application launching this month, is now whitelisting digital asset contributors to the platform’s reserve pool.

SuretyBlock is a decentralized solution for captive insurance providers with its first product, Eagle1, launching in June 2022.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8050/126689_suretyblocklogo.jpg

SuretyBlock is a decentralized captive insurance solution that aims to provide trade associations, organizations, and event organizers with the option to insure themselves against various liabilities using the power of blockchain technology to pool and distribute funds.

Marsh, a global leader in insurance broking and risk management, reported that the gross written premiums in the captive insurance industry grew from US $54 billion in 2019 to nearly $61 billion in 2020. If similar year-over-year trends continue, then gross written premiums could grow to well over $100 billion by 2030.

Advertisement
Stake.com

SuretyBlock’s decentralized solution for the captive insurance industry can help reduce the combined cost ratio down to 80 percent, compared to traditional market solutions that have a combined cost ratio of as much as 90 percent and upwards. This can result in a potential increase in profitability by as much as 20 percent or more.

Other benefits of captives include broader coverages, lower premiums, profit sharing, customized coverages and improved cash flow and claims handling.

The first decentralized product from SuretyBlock, called Eagle1, will be launching this month. Eagle1 is a Hole-in-One insurance platform for the golf industry, making it easier, quicker and more efficient for hole-in-one prizes to be obtained and issued on golf courses. The decentralized solution can support golf associations and tournament organizers with unique and custom hole-in-one prize-pools and payouts.

“Insurance is a heavily intermediated business. Captives offer the best opportunity to showcase the disintermediation benefits of blockchain technology in a way that clearly benefits insureds and the groups that represent them,” said Kevin Day, CTO at OFB and the head of SuretyBlock.

In March, SuretyBlock signed a fronting agreement with Fortress Insurance, a well-capitalized national Canadian insurance provider operating since 2004. This fronting agreement enables SuretyBlock to enlist and serve trade associations, organizations, and event organizers across western Canada.

Advertisement
Stake.com

SuretyBlock’s underlying technology will be adapted for glass repair, weather, and strata insurance solutions. The first two applications, glass repair and weather, are expected to launch by Q4 2022.

Those interested in joining the contributors whitelist for SuretyBlock’s reserve pool can email at [email protected].

About SuretyBlock
SuretyBlock is a decentralized solution for captive insurance providers. SuretyBlock is the first blockchain application developed by Ocean Falls Blockchain Corp. Visit oceanfalls.com for more information.

For further information, please contact:
Oded Orgil
Chief Executive Officer of OFB
[email protected]

Forward-Looking Statements

Advertisement
Stake.com

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements in this news release include, but are not limited to: offering of secure assets custody and management of funds, improvement of wallet security and custodial capabilities and future changes that may be implemented as a result of integration of the Fireblock Network and MPC protocols. These statements are based upon information currently available to OFB’s management. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements may be identified by the use of terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward looking statements contained in this news release are based on certain factors and assumptions made by management of OFB based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and OFB does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although OFB has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking information. OFB does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

###

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126689

Advertisement
Stake.com

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Daily Crypto News: BlockchainReporter Empowers Crypto Enthusiasts and Traders with Critical Information to Make Informed Decisions

Published

on

Continue Reading

Blockchain

Alpha Sigma Capital Research Releases May Report on ASC AI Index

Published

on

alpha-sigma-capital-research-releases-may-report-on-asc-ai-index
Continue Reading

Blockchain

Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

Published

on

blockchain-firm-squad-labs-raises-$10-million-for-smart-wallet

Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

Advertisement
Stake.com

The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

Advertisement
Stake.com
Continue Reading
Advertisement
Stake.com
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE