The InsurePal crowdsale that started on January 16, 2018, closed in under 80 seconds, making a record in the history of ICOs so far. The distributed social proof insurance platform reached its token sale hard cap of $18 million within first two minutes of the crowdsale. With the latest success, the platform’s IPL tokens are being traded on Livecoin.net exchange, followed by IPL listing on other exchanges soon.
About the Crowdsale
In the pre-sale, InsurePal had already sold 70 percent of IPL tokens, while the remaining $5.4 million were sold out in crowdsale in 1 minute and 20 seconds. The contributors got their tokens immediately after the end of the crowdsale enabling them to start trading the tokens. Same way, it will also enable the community members who wanted to be in on the crowdsale to purchase the tokens. The number of users (20,194) who wished to buy IPL tokens in crowdsale, represents a high market demand for the IPL coins.
What the Founders Say About this Achievement
Talking about the way InsurePal has raised funds for its social proof based global blockchain insurance platform by achieving much appreciation and support from global community, Matt Peterman, the CEO of InsurePal says,
“For us, this is a tremendous opportunity and a great honor and we are focused on the future as we wish to be fully operational in the shortest possible time. Our goal is to utilize the progress made thus far to launch the platform in six months’ period. The pilot project will take place in the UK, where we`ve already held several talks with insurance companies as potential partners and with the regulator. We partly assembled a team as well,”
Excited about the future of insurance industry Peterman stated,
“The insurance platform that introduces social proofing can truly act as a universal solution disrupting the existing $7 trillion insurance market and at the same time, entering into many new segments. I am convinced that we will achieve our business goals in planned time and thus become the leading global provider in this field,”
The company will use the funds for the technological development of the platform, as a prime priority, and then for patenting process, acquisition of regulatory permits, expansion of operations and human resources and strategic business alliances.
InsurePal is on the Right Track with Blockchain Experts on Board
Insurance industry represents a big challenge in terms of regulations, especially for a new company with a crypto offering as it comes across a lot of regulatory and legal approvals along the road. The Insurepal team is happy to place the platform in the market at the right time, in accordance with its roadmap comprising of target regions of UK, Europe, and the U.S.
InsurePal has already acquired well-known crypto advisors and globally recognized experts for the platform’s development. Charlie Shrem, a Bitcoin pioneer who established Crypto IQ, is also part of the InsurePal team that has a disruptive potential to put forward a widely-applicable and upgraded alternative to the existing insurance system.
Talking about the opportunities InsurePal is expected to bring in crypto economies, Shrem says,
“InsurePal`s greatest asset is its team and idea. I am super excited to watch the team execute the platform. I always ask myself before getting involved: “Would I use this product?” With InsurePal, the answer is definitely yes”.
InsurePal Gains Industry-wide Appreciation
The InsurePal team is gaining an industry-wide appreciation for a successful crowdsale. Vinay Gupta, the Co-Founder of Mattereum, congratulated the InsurePal team and said,
“I am very happy to hear about how successful the InsurePal fundraising efforts have been. We at Mattereum are looking forward to working with them closely in 2018 on a range of projects, including some close integration between insurance and arbitration.”
InsurePal and Mattereum are already in a partnership for disrupted insurance and dispute resolution support that will help the user-managed crypto economy grow.