The Southeast Asian fintech investment platform will be the supplier and custodian of gold for blockchain-based insurance firm Heluss
HelloGold, the Malaysian company that provides easy access to invest in Gold, has officially partnered with Heluss and agreed to provide the insurtech company with US$ 2 million worth of gold. Heluss claimed that it will use the gold supply for the stability of HUT tokens.
In exchange for the gold supply, HelloGold will use Heluss’ technology to provide insurance products designed to help those in need with no banks.
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“Asia recognizes gold as a traditional savings and investments method, and currently occupies 70 per cent of the gold market. Gold should and can become a wealth preservation and a means for financial inclusion, and people need the ability to buy, hold, and sell gold in a convenient and safe format,” said Robin Lee, CEO and co-founder of HelloGold.
With anything being insured nowadays, protection can cost a lot of money. With blockchain in token format, insurance can reach all people in need and level the field with the transparency and affordable cost.
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“Partnering with HelloGold will help us focus on our core business while ensuring transparency and third-party custodianship for our hard assets which supports our overall company stability,” said Heluss CEO/Founder Jean Pierre Rukebesha.
Heluss is based in Canada, offering options of smart contracts and AI in its insurance policies, technologised with blockchain. Its business model is defined by 40 per cent of premiums allocated for claims and the reinsurance fund, another 40 per cent is tokenised for policyholders in HUT tokens kept in a “H-Vault” in the form of physical assets, while the remaining 20 per cent is allocated for Heluss’ ecosystem operations.
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Photo by Andre Francois on Unsplash
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Source: E27