Allianz targets own cryptocurrency

Posted 12 August, 2019

The major insurance company in Germany – Allianz – announced the development of an electronic crypto-based payment system that will be used to fast cross-border insurance transfers.

The new token is expected to be pegged to the US dollar at 1:1 ratio. As the company spokesperson noted, the system is being developed by Allianz Global Corporate & Specialty (AGCS).

For now, it has already tested basic infrastructure and getting ready to test transactions.

The company spokesperson noted earlier:

"AGCS is further exploring blockchain technology to simplify and accelerate cross-border insurance payments for its corporate customers. A project team is in the advanced stages of development for a token-based electronic payment system to allow for frictionless, transparent and instantaneous money transfers... "

However, the German company is hardly a pioneer in this area. For example, US-based investment giant JPMorgan also developed own token aimed at its corporate clients. Moreover,

Goldman Sachs can also take similar steps after a number of studies, company's CEO noted earlier.

In early August, Walmart reportedly filed a patent application to use digital currency tied to traditional one.

Still, Facebook's Libra project takes the center stage.

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