The cryptocurrency industry is growing every single day and the Fynance is one of the apps that has been created to make it easier for people to get in tuned with the cryptocurrency fever. Fynance which can be found on Fynance.io is compatible for both IOS and Android and it makes it easier for users to check all their policies with just a click of a button and also check/report any form of damages and receive optimized offers when they make a request.
Fynance was created to create an insurance system for cryptocurrency investors and the key component of this app is the fact that it has pushed the use of insurance contracts as a form of blockchain-based smart contracts. The Fynance team has gone ahead to buy insurance portfolios from top insurance companies in Germany.
A token sale for Fynance has been fixed for the January 2018 and the amount generated will be used to support Fynance’s portfolio and strengthen their hold in the world of blockchain and smart contracts. The generated funds will also be utilized to buy insurance portfolios.
At the moment, Fynance has their operational base in Germany and their focus will be on insurance contracts in Germany all through the year 2018. Now that we have the basic facts about finance off the ground, let’s take a look on how it works.
How Does Fynance Work?
Fynance is a cryptocurrency based brand that operates as a digital brokerage company that is currently focused in insurance industry in Germany. The goal of the company is purchase insurance portfolios that will amount to 142,000 ETH before the fourth quarter of 2018.
Why are they focused on the insurance sector in Germany? Fynance are currently focused on the insurance market in Germany because it is very profitable and there are currently about 431 million contracts that are concluded every year in the country. So it makes sense for Fynance to set up shop here. Furthermore, the insurance industry in Germany is very profitable as well over %15 commissions are paid out to their brokers when they bring in a deal to an insurance company.
The app has already been released for downloads and as what was managed right from your smartphones so you can easily see all your insurance policies a lot easier and faster with just a button. The app uses search mechanism and acts as point of sale.
Fynance aims to push the cryptocurrency movement by digitalizing the insurance industry in Germany as it is believed that the industry is ready for a change and the change can be accelerated by blockchain technology.
The fynance team was inspired to move with blockchain technology after it was reported that the 5 biggest insurance companies Allianz, Aegon, Munich Re, Zurich and Swiss Re set up their blockchain movement, B3i, which is powered by insurance contracts and with this, they have become the first team to key into this industry.
Who’s Behind Fynance?
Marc Sperber is the team lead of Fynance and the team also has Alfons Schwarte who controls the French market. She is an experienced insurance broker who has been in the insurance business for well over 18 years. The Fynance team currently consists of 10 team members who are all based in Germany and the sale of token sale is done by their Malta based subsidiary, Fynance Global Ltd.