In Collaboration With Provenance Blockchain Labs, infineo Leads the Fastest-Growing Use Case for Real-World Asset Tokenization, Bringing Innovation and Accessibility to the Life Insurance Sector
NEW YORK, NY / ACCESSWIRE / September 4, 2024 / infineo, a pioneer in the digitization of the $3 trillion life insurance industry, today proudly announced that it has minted $100 million worth of life insurance policies on the Provenance Blockchain. This milestone has been achieved in just three months and represents a significant leap in the tokenization of real-world assets, positioning life insurance as one of the most rapidly growing sectors in digital finance.
The tokenized policies are part of infineo's strategic initiative to create a transparent, efficient, and accessible market for life insurance using blockchain technology. By leveraging Provenance Blockchain's robust infrastructure, infineo has demonstrated that its Policy Ledger can transform traditional financial assets into digital representations to offer unprecedented accessibility, enhanced security, and in the future, liquidity for policyholders, carriers and investors.
"Today marks a significant achievement for infineo and the broader financial ecosystem," said Cole Snell, founder and CEO of infineo. "The minting of $100 million worth of life insurance policies on Provenance Blockchain is not just a technological breakthrough but a testament to our commitment to democratizing access to one of the most stable financial instruments. This achievement underscores life insurance as a leading use case for real-world asset tokenization, driving both innovation and growth across the industry."
Today's announcement is the result of an ongoing collaboration with Provenance Blockchain Labs (ProvLabs), a blockchain development company building a modern financial services operating system with the dApps and expertise TradFi needs to digitize trillions of dollars of assets on the Provenance Blockchain. Today's milestone highlights the ongoing growth of the Provenance Blockchain, the world's largest public Layer 1 blockchain as measured by real-world assets, with over $12 billion in total value locked and over $30 billion in supported asset transactions to date.
The newly minted policies are securely recorded on infineo's advanced Policy Ledger System, ensuring an immutable record of all transactions. This system protects policyholders and beneficiaries from issues such as unclaimed death benefits and lost policies while also streamlining asset transfers and enabling real-time notifications to beneficiaries. The Policy Ledger will serve as the onboarding mechanism to the infineo Digital Life Insurance Ecosystem, which will contain a secondary marketplace and borrowing and lending capabilities.
By building the infineo Digital Life Insurance Ecosystem, infineo is set to revolutionize the $3 trillion global industry, creating opportunities for peer-to-peer transactions, securitization, new investment products backed by life insurance policies and unprecedented liquidity for policyholders with instantaneous lending against their policies. This development reflects infineo's commitment to advancing the financial services sector through innovation and cutting-edge technology.
"infineo is setting the standard for the tokenization of insurance policies," said Anthony Moro, CEO of Provenance Blockchain Labs. "Their leadership is transforming the life insurance industry, showcasing the unparalleled potential of blockchain technology in regulated financial markets. That they have reached the $100 million milestone also underscores the benefits of utilizing the Provenance Blockchain to quickly and efficiently modernize and digitize financial services."
For more information, follow infineo's journey in revolutionizing the life insurance landscape at infineo.ai.
ABOUT INFINEO
infineo is digitizing the $3T+ life insurance industry to create friction-free access to one of the world's most stable assets for both individuals and institutions at scale. infineo is building a digitally native life insurance ecosystem to allow people to manage, trade, leverage, and invest their policies using blockchain and AI. In doing so, we make the benefits of life insurance available to every person on the planet. Follow us as we revolutionize the life insurance industry by subscribing to our newsletter and following us on X, LinkedIn, and YouTube.
ABOUT PROVENANCE BLOCKCHAIN LABS
Provenance Blockchain Labs (ProvLabs) is a blockchain development company building a modern financial services operating system with the dApps and expertise TradFi needs to digitize trillions of dollars of assets on the Provenance Blockchain through foundational infrastructure SaaS solutions. ProvLabs' solutions are built specifically for Provenance Blockchain, a network built specifically for financial services that has grown to become the world's largest public Layer 1 blockchain as measured by real-world assets, with over $12 billion in total value locked and over $30 billion in supported asset transactions. Learn more at ProvLabs.io, and follow us on X and LinkedIn.
MEDIA CONTACTS:
Ryan Dicovitsky / Ellie Johnson
Dukas Linden Public Relations
Provenance@DLPR.com
Contact Information
Ryan Dicovitsky
Dukas Linden Public Relations
provenance@dlpr.com
SOURCE: infineo
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