JD.com Acquires 30% Stake Of Allianz China Blockchain Insurance Service
JD.com Acquires 30% Stake of Allianz China
Recently, the China Banking and Insurance Regulatory Commission approved JD.com’s application to invest 483 million Yuan (approximately $71 million) to the Chinese unit of the Allianz Corporation. Following this investment, JD.com will be the insurer’s second largest shareholder, with its stake equaling a third of the company’s total shares. Notably, Allianz will retains majority of the stake, commanding a 50% ownership. The remainder of the shares is distributed among three Chinese firms. As of now, Allianz is one of the insurance providers, both in Europe and across the globe.
Insurance And Blockchain
Since 2016, the concept of blockchain technology has gained significant traction amongst the masses, with many people expressing interest due to the rapid evolution of the sector. Besides, its enormous potential has also contributed to this increased popularity. However, the rapid growth of blockchain industry has resulted in the proliferation of fraudulent schemes. For this reason, insurance companies have started offering plans that cover the digital asset trading sector, mainly due its volatility and prevalence of scams.
For some time, both Allianz and JD.com have been closely monitoring blockchain technology and its possible applicability. Moreover, JD.com has already embraced the technology and integrated it to its business operations. According to reports from Allianz, JD.com proposed the idea of developing a cryptocurrency insurance service to Allianz. The insurance company welcomed the suggestion and is currently working on a solution. While the details of the partnership are scanty, many speculate that it will lead to the introduction of a blockchain insurance solution. All in all, the collaboration has much to offer to the crypto community worldwide.