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.