Insurance Giant AXA XL Launches Security Token and Crowdfunding Insurance Service
William Suberg's original article for cointelegraph.com reduced by 60%
Insurance giant AXA XL and insurance technology startup Assurely have jointly launched a new insurance product covering equity crowdfunding and Security Token Offerings, according to a press release published on March 6. The new product dubbed CrowdProtector is designed for issuers and investors, and purportedly protects new online capital formation strategies like equity crowdfunding and STOs. "CrowdProtector provides Issuers protection against investor complaints and lawsuits as well as serve as a communication to investors that they may get their principal investment returned should the issuer misuse the funds, purposefully misrepresent information in their offering documents, or steal the money." In the release, it is noted that until recently, investing in private companies has been available to accredited investors, - having a net worth of higher than $1 million, or earned income exceeding $200,000 - leaving a large amount of potential investors on the sidelines.
AXA XL is reportedly the second largest insurer in Europe, also providing risk management and reinsurance services to insurance companies globally. As Cointelegraph reported in February, blockchain security firm and crypto wallet service BitGo announced plans to offer crypto insurance through Lloyd's of London. BitGo Business Wallet clients will purportedly be able to acquire insurance for their digital assets held on BitGo's Business Wallet service and Custodial offering.
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