REGA Risk Sharing Teams Up with ICOBox to Make Revolution in Decentralized Insurance Market
| Updated by Eugenia Kovaliova · 4 min read
REGA Risk Sharing, the developer of the world’s first blockchain-based сrowdsurance platform, partnered with ICOBox, the leading supplier of SaaS solutions for conducting ICOs.
REGA Risk Sharing, the world’s developer of decentralized crowdsurance platform based on smart contracts, scoring systems and artificial intelligence technologies, has recently announced its partnership with ICOBox, the leading supplier of SaaS solutions for conducting ICOs, for the emission of Risk Sharing Tokens (RST) with Ethereum basement, according to the company’s press release.
Withing the announced cooperation with ICOBox, REGA Risk Sharing is provided with general consulting support during the processes of preparation, launching and conducting the forthcoming ICO campaign. Due to its extensive expertise, ICOBox also acts as a guarantor of timely emission of tokens in compliance with the global legislative practice.
ICOBox’s specialists take part in conducting analytical assessment and legal review of the documentation accompanying the tokens’ emission and in developing a marketing strategy. ICOBox’s solutions are used to create a request collection system for the awaited ICO.
REGA’s Crowdsurance platform itself is designed to eliminate the involvement of insurance companies and brokers by making use of algorithms and blockchain driven smart contracts to analyze and manage risks. It allows users to create communities and provides a guarantee of compensation for unexpected losses. Similar to any other blockchain-based platform, REGA’s platform excludes the role of intermediaries, which reduces the insuring cost. Such collective cooperation is based on the principles of autonomous decentralized organizations on blockchain and regulated by smart contracts.
“Such a collective association is based on the principles of autonomous decentralized organizations with the use of the blockchain technology, and regulated by smart contracts,” explains REGA Risk Sharing СEO Sergey Sevryugin. “In the nearest future, it will become possible to create services for mutual insurance of gadgets, automobiles, real estate, and human health on the base of the platform”.
A part of the money raised via the ICO is planned to be spent on creation of a fully-functional platform for insurtech product developers on the existing platform, with a wide range of API instruments and tools for drafting of smart contracts. Another part will go to expand the geography of the LexiClub project (Europe, Asia, and the USA) – a pilot project launched by REGA RISK Sharing in March 2017, which has received a grant from Microsoft as part of the BizSpark Plus program for support of promising startups.
“These are simple and very important relations between people, like what used to exist between neighbors in the yard, which become much more global now thanks to the blockchain technology,” says ICOBox СEO Mike Raitsyn. “We believe that сrowdsurance is a product of the new generation, which will allow for giving up on two things that are unnecessary in the digital era: the fears of losing everything in one day and of paying lots of money to intermediaries of the transactions.”
The ICO campaign has already started on September 15 and will be completed by November 15, 2017 at the latest. Within the ICO, up to 3,000,000 tokens will be emitted, 50% and 1 token (1,500,001 pcs.) of which REGA Risk Sharing is planning to sell. The cost of the Risk Sharing Tokens (RST) within the ICO campaign will be equal to 0.1 ETH.
RST token can be converted back to ETH at the rate of: reserves/number of tokens sold*20%. In addition, the increase of the tokens price according to the above formula will be ensured by reserves amount increase resulted by successful operation of the risk management models on REGA platform.
ICOBox has already proved its leadership in fundraising. The company’s token sale, which took part a month earlier, raised an impressive amount of 3,900 BTC. At the beginning of October, David Drake, one of the blockchain esteemed dignitaries, was added to ICOBox’s advisory board. More and more companies are intended to start cooperation with the company. So, INS, a decentralized ecosystem enabling consumers to buy directly from grocery manufacturers, has also announced its partnership with ICOBox.
Coinspeaker is not an exception. We have collaborated with ICOBox to provide our readers with this quarterly analysis devoted to cryptocurrency and digital assets markets.
Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.