France-based insurer Wakam expands ecosystem on Tezos (XTZ) blockchain

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Mar 29, 2021
  • Wakam became the first insurance company to use SaaS blockchain product, Sequence.
  • Wakam has partnered with several companies and multinationals, including insurance giant AIG.
  • The insurance company has automated over 550,000 on the blockchain.

Digital Insurer Wakam has become a corporate baker on the Tezos (XTZ) blockchain after expanding its involvement in the Tezos ecosystem.

The Paris-based company is now able to validate transactions (blocks) and add them to the Tezos blockchain.

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Wakam pointed out that the Tezos platform enables the protocol to upgrade itself since it’s a proof-of-stake public blockchain.

The protocol has completed 5 upgrades since its launch, with Edo being the latest upgrade. Wakem stated that Tezos’ technology makes it the ideal platform for the creation and management of decentralized applications and digital assets.

Wakam provides many B2B insurance services to clients and several partners. Its partners include insurance giant AIG and large corporations such as Yamaha Motor Company. The firm also makes use of blockchain technology to provide innovative Insurtech services to organizations.

Wakam is becoming more engaged

Wakam has been very busy in the industry lately. Last month, Rovolut, a financial tech company based in London, partnered with Quover and Wakam to provide a new insurance package. Revolut has 1,500 employees, 13 million customers, and valued at £4.2 billion.

The partnership expanded Wakam’s reach and operation, giving customers access to Revolt Plus, Premium, and Metal plans.

President of Tezos’ Nomadic Labs Michel Mauny, commented on the development. We are particularly proud to welcome Wakam to the Tezos ecosystem,” he stated.

Mauny added that several actors are increasingly seeing the amazing potential of blockchain in the blockchain ecosystem.

More than 550,000 contracts automated

In 2018, Wakam started using SaaS blockchain product known as Sequence, making it one of the first insurers to start using the platform.

Just last year, the company started using open-source software Quorum, which is an enterprise version of Ethereum (ETH). It enhanced a more transparent experience by timestamping its policies in the Bitcoin (BTC).

The company has also automated over 550,000 contracts on the blockchain, and it expects to complete automation for its complex products this year.

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