P2P insurance platform Insurepal has closed its ICO on its $18m hard cap, within just two days.
The sale saw 201 million tokens bought at a base price of $0.10 each. The crowdsale, which had a minimum target of $5m, accepted ETH. Insurepal has sold 67 per cent of the 300 million total tokens, the remaining tokens will be distributed across the team, advisors, ambassadors, and for platform incentives.
Insurepal is a blockchain-powered P2P insurance platform that insures business transactions. The solution employs a social proof system, that works by users giving credibility to users and any unreliable or risky users are removed from the platform.
The platform is self-regulated and aims to replace traditional insurance agencies by offering a more transparent platform and lower premiums.
As the ICO reached its hard cap, it means all of the company milestones will be funded. This means, Insurepal will integrate a core blockchain to the platform, launch proof modules, upgrade the product, start a global marketing campaign, acquire an EU passport license and MGA insurance license, and launch a UK pilot.
Last week, Greece-based Hellas Direct bagged a ?7m Series B round led by IFC. The auto insurance platform raised the capital to support its plans for international expansion.
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