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THE INVESTOR
May 27, 2019
Big Reunion

Zikto’s Insureum coin listed on BitForex exchange

  • PUBLISHED :October 22, 2018 - 13:52
  • UPDATED :October 22, 2018 - 14:19
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[THE INVESTOR] Korean insurtech firm Zikto said on Oct. 22 that its Insureum coin has been listed on Singapore’s BitForex, one of the top crypto exchanges around the world.

This is the fourth listing for Insureum since its debut on CoinBene in Singapore in August.

Zikto said it has also secured new funding from BitForex and Hong Kong-based Blue Chain Asset Management in a strategic partnership to jointly develop insurance products for crypto investors. The exact amount of the investment was not revealed. 

“It is rare for a blockchain project to get additional funding after an initial coin offering or listing. That proves BitForex has recognized Insureum’s potential for commercial success,” the firm said in a statement.

Insureum is a blockchain-based insurance platform that allows insurance firms, customers and app developers to trade health care data and get incentives during the transactions.

The coins worth 20 billion won (US$18.50 million) sold out during presale and private sale stages before its ICO in May. The coin is now tradable on a four exchanges, including CoinBene, Bitsonic and Coinzest.

Since its successful ICO, Zikto has been developing new insurance products with insurers, including AXA Direct Korea and Hyundai Marine & Fire Insurance.  

“There is a growing demand for cyber insurance within the crypto industry but collecting related data is still tricky,” said Zikto’s co-founder and CFO David Suh. “Through further partnerships with exchanges and solutions developers, we will develop cyber insurance products to improve the industry’s security level overall.” 

Insureum has recently partnered with Cloudbric, a cyber security solution provider, to jointly research and develop cyber insurance policies. The two firms expect synergies for more practical application of blockchain into cyber insurance.

By Lee Ji-yoon (jylee@heraldcorp.com)

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