The IDO for decentralized insurance platform UnoRe has sold out in just minutes after its launch, proving its co-founder’s thesis that “reinsurance as an investment is a severely untapped industry.” As the DeFi sector continues its fast-paced growth, the team behind the project is looking to solve one of its most pressing issues when it comes to attracting institutional investors.
Despite a tenfold growth in the sector, the lack of reinsurance, or insurer’s insurance, has been a key detractor for existing DeFi applications when it comes to covering large insurees. UnoRe seeks to democratize insurance services by lowering the barriers to entry for retail investors in the space, allowing them to fund, trade, and build insurance products. In CEO and co-founder Jaskanwar Singh’s own words, the vision is “to allow retail investors entry into this impervious market and enable them to leverage it to its fullest monetary potential.”
By widening the opportunities for retail investors, the platform will also increase the amount of funds available in the ecosystem as a whole and enable it to address the needs of large institutional investors who are now joining the industry. Many of which are now backing UnoRe.
Recently, blockchain-focused venture capital firms such as KuCoinLabs, Okex Blockdream Ventures, and X21 Digital have announced their backing for the project, offering strategic advice and marketing guidance. UnoRe has also partnered with DeFi data network Unmarshal and liquidity aggregator Orion Protocol.
Other UnoRe backers include Kyros Ventures, Black Edge Capital, Moonrock Capital, Fairum, DFG and others. These investments and partnerships come from the realization that the democratization of insurance and reinsurance services is one of the most promising solutions for the current state of the blockchain industry.
The UnoRe team reported that its launch on the popular Polkastarter exchange sold out in just under 9 minutes with $200,000 worth of $UNO tokens priced at $0.12. Only 980 whitelisted users were allowed to participate in the IDO event before it was followed by a Uniswap listing.