Vancouver, British Columbia–(Newsfile Corp. – March 10, 2022) – Ocean Falls Blockchain Corp. (“OFB” or the “Firm”) is happy to announce that SuretyBlock, a subsidiary of OFB, has signed a fronting settlement with Fortress Insurance coverage, a western Canadian insurance coverage supplier. This fronting settlement permits SuretyBlock, a DeFi-based (decentralized finance) captive insurance coverage resolution, to enlist and serve commerce associations, organizations, and occasion organizers throughout western Canada.
The primary decentralized product from SuretyBlock referred to as Eagle1 is a hole-in-one insurance coverage platform for the golf business that makes it simpler, faster and extra environment friendly for hole-in-one prizes to be obtained and issued on golf programs, and in some instances, driving ranges.
Eagle1 is slated for launch in April 2022. It has been particularly designed to assist golf associations, golf programs, and match organizers with distinctive and customized hole-in-one prize swimming pools and payouts.
“An organization as well-established within the Canadian market as Fortress Insurance coverage approaching to assist our mission is a significant achievement,” stated Kevin Day, President of SuretyBlock and the CTO at Ocean Falls Blockchain Corp. “This makes serving prospects from British Columbia to Manitoba a actuality. We’re excited for the way forward for SuretyBlock and the brand new captive insurance coverage alternatives made doable by immediately’s rising applied sciences.”
A captive insurer is an insurance coverage firm wholly owned and managed by its insureds. SuretyBlock goals to offer commerce associations, organizations, and occasion organizers the choice to insure themselves in opposition to quite a lot of liabilities utilizing the facility of blockchain know-how to pool and distribute funds.
“Fortress has a long-standing objective to collaborate with, and discover, new insurance coverage product niches and insurance coverage applications,” stated Shafeen Mawani, President and CEO at Fortress Insurance coverage. “The idea and technological framework of SuretyBlock is one thing new and thrilling and we’re comfortable to discover this journey with their staff.”
Fortress Insurance coverage is licensed to supply insurance coverage in British Columbia, Alberta, Saskatchewan and Manitoba. The group was fashioned in 2004 as an Alberta registered and controlled insurance coverage firm which solely supplied third-party car legal responsibility protection within the rental automotive and airport providers enterprise in Calgary.
About Fortress Insurance coverage
Fortress Insurance coverage is a digital-first insurer working since 2004. Fortress works solely with impartial insurance coverage brokers in western Canada striving to construct sturdy, reliable and long-lasting relationships. Fortress Insurance coverage is supported by world insurance coverage suppliers with an A+ AM Greatest and A+ S&P credit standing. Go to fortressinsurance.ca for additional data.
About SuretyBlock
SuretyBlock is a decentralized resolution for captive insurance coverage suppliers. It’s a wholly-owned subsidiary of Ocean Falls Blockchain Corp. Ocean Falls is a Canadian blockchain know-how firm that operates a 2MW-plus, clear energy-powered cryptocurrency mining farm in historic Ocean Falls, B.C. Go to oceanfalls.com for additional data on OFB.
Media Contact
Oded Orgil, CEO (Ocean Falls Blockchain)
oded@oceanfalls.com
Ahead-Wanting Statements
This information launch comprises “forward-looking statements” inside the that means of relevant securities legal guidelines. All statements contained herein that aren’t clearly historic in nature might represent forward-looking statements. Such statements contain recognized and unknown dangers, uncertainties and different elements that will trigger precise outcomes, efficiency or achievements to be materially totally different from these implied by such statements. Though such statements are primarily based on administration’s cheap assumptions, there will be no assurance that such assumptions will show to be appropriate. We assume no accountability to replace or revise them to replicate new occasions or circumstances. Moreover, there are recognized and unknown threat elements which may trigger Firm’s precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking data contained herein. All forward-looking data herein is certified in its entirety by this cautionary assertion, and the Firm disclaims any obligation to revise or replace any such forward-looking data or to publicly announce the results of any revisions to any of the forward-looking data contained herein to replicate future outcomes, occasions or developments, besides as required by regulation.
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