UnoRe has launched a decentralized reinsurance platform in an effort to serve this need. Built on the highly-scalable Polkadot network, the service offers a blockchain-based take on an essential part of the traditional insurance industry: insurance for insurers.
By lowering the barriers to entry for retail investors to trade in reinsurance, UnoRe seeks to democratize the market and create a larger pool of available funds for these products. This will allow existing DeFi insurance platforms to expand their offerings and address a wider network of potential insurees – a network that now includes large enterprises and institutional investment firms.
Co-founder and CEO Jaskanwar Singh is an award-winning health and insurance specialist. He shared his outlook on what the UnoRe platform means for the industry.
“My experience within the sector made it apparent to me how 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.”
The project has allocated $200,000 worth of its native $UNO tokens in an IDO on the popular decentralized exchange Polkastarter. Altogether, this represents less than 2% of the token supply. The remaining supply is set to be released over the course of seven years.
The IDO followed a successful private sale in March. $UNO has been trading at $0.12 and was made available to 980 whitelisted users, including $POLS holders and a standard public pool, who qualified to buy up to $250 worth of $UNO. The token was then listed on Uniswap.
UnoRe is the first company to make the benefits of trading and investing in the reinsurance market available to average users. The potential value in these solutions for the DeFi ecosystem as a whole has caught the attention of blockchain investment firms including Kyros Ventures, Black Edge Capital, Moonrock Capital, Fairum, DFG and many others.