According to the announcement, Silicon Valley-based crypto startup Omni Fund has launched “the world's first blockchain platform for decentralized peer to peer insurance funds.”
The announcement states:
“On Bitcoin's 10 year anniversary, Silicon Valley-based Omni Fund released the world's first blockchain platform for decentralized peer to peer insurance funds.”
The Co-Founder of Omni Fund Zack Peng said that insurance premiums “are high because insurance companies spend a fortune on operations, which are paid for by consumers.”
It’s also said that such kind of fund ensures lower costs and automates the insurance process.
The first community that was created on this fund is the Uber Driver's Income Replacement Fund. After any collisions, Uber drivers' vehicles “are sent to repair shops for several weeks, during which time they cannot drive and thus lose out on their primary source of income.”
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