Allianz Insurance Token Could Become Reality as Internal Testing is Starting

The world’s largest insurance company Allianz is experimenting with an internalized token which is meant to send money around the world to eliminate the extensive costs of conversions and supply.

About The Allianz Crypto Token

The project is being called Allianz token and is being helped by a blockchain startup Adjoint.

Adjoint created a proprietary blockchain for the project. They are developers of smart contracts and distributed ledger technology for the financial industry. These tokens shall convert all the fiat currency into token forms making it easily accessible and reducing the cost of supervising fiat currency. This initiative shall be successful in removing foreign exchange restrictions, as it is a global insurance organization.

Oliver Volk, a blockchain expert at Allianz’s reinsurance unit and representative to the B3i insurance blockchain consortium said “It would be helpful to get rid of FX constraints and other stuff we have to optimize, especially if you talk to certain currencies which we do not accept at our headquarters and have to be reconverted”, and added that it would make sense to rely less on the banking system, as this would result in numerous savings on commissions and could be used by Allianz all over the world.

This is not the first time a mammoth company trying to use blockchain technology and cryptocurrency to augment their revenues. As reported, one of the major reasons for immediate trials of the new token is to not be dependent on Banks as they charge a heavy commission with Allianz’s operations in more than 100 countries.

However, spokesperson of Allianz has said multiple times that Allianz tokens have nothing to do with cryptocurrencies and is being used solely to leverage blockchain technology to improve their services.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,483FansLike
2,795FollowersFollow
4,263FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Fed Researching CBDC & Planning to Deposit ‘Digital Dollars' Directly To the Digital Wallets of Americans

Federal Reserve Bank of Cleveland President Loretta Mester revealed that each American would receive digital dollars directly. She said, "Legislation has proposed that each American...

65% Vote For ‘Zero Compensation' For MakerDAO Vault Owners Who Lost $8M On Black Thursday Crash

MakerDAO votes against compensating vault owners following the Black Thursday crash in March of this year. Over 65% of the votes cast opted...

Gemini Crypto Exchange Opens Up GBP for Buying, Selling, and Trading for UK Customers

Cryptocurrency exchange Gemini is now expanding into the UK. The launch follows obtaining an electronic-money institutions (EMI) license from the Financial Conduct Authority (FCA) after...

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today