2021 has seen a tremendous growth of the crypto industry, especially with Bitcoin (BTC) hitting an all-time high of $67K. According to Fortune, global crypto adoption will jump from the current 5% to 20% in 2022. Crypto is versatile and can be used as currency, asset, reward token, utility token and more. The applicability of crypto and blockchain has disrupted the financial industry and then some. With the increased awareness and adoption around the world, harsh regulatory actions, scams, loopholes, project exploitation and criminal activities have significantly magnified the crypto’s intrinsic volatility. The insurance industry calls for an insurance disruptor to help the investors and innovators sail through the storms. Likewise in other financial industries, pioneers have put numerous efforts in developing products that fulfill the needs. Cointelegraph reported that blockchain-based insurance may help validate contracts, and blockchain insurance startups are working on smart contracts for forcing the execution of its terms. The blockchain insurance industry is a rapidly-growing segment of the fintech industry and is gathering a lot of attention from investors.
Rainbow is a decentralized financial market infrastructure with insurance as its core. The purpose is to develop an open insurance protocol application based on blockchain technology, build an integrated and interoperable insurance protocol matrix and form a unified insurance infrastructure to serve the decentralized financial network.
“At Rainbow, we hope to take insurance as a breakthrough, encourage and improve the decentralized financial ecosystem, and promote it to become the core of the next generation of Web3.0 infrastructure, providing a wide range of applications and prospects for the insurance industry,” said by the Singapore-based company’s co-founder Shawn Lau.
Asked about the roadmap, he further explained: “Since the team was founded in 2021, many investors have shown keen interest in our platform and products. Among them is Polygon, the Ethereum scaling project formerly known as Matic, which has launched a $100 million fund aimed at making decentralized finance more accessible to end-users. We are proud to be one of the projects funded by the Polygon Developer Support Program which has undoubtedly pushed our project to leap forward. Boosted by enormous market demand, the project has gone through two major upgrades. Now in Q1 2022, as per our plan, we are delighted to announce the launch of Rainbow Testnet. We welcome DeFi users to give it a try and help us improve the products, which compensate you on your losses on the major cryptocurrencies, NFTs and impermanent loss from liquidity mining.” Furthermore, he added, “The best is yet to come in the 2nd half of 2022 when the mainnet is launched. Stay tuned and grow with us. Like in many other projects, the early adopters are most likely be rewarded by the market.”