PAL Network | Ecosystem Member
22nd October 2018 — PAL Network will be working together with NEM to provide a range of insurance products, all on PAL Network’s protocol.
“PAL Network is really excited to be part of NEM’s ecosystem. We look forward to co-creating new insurance products that are tailored to the needs of NEM’s community. Being a blockchain company, PAL Network understands the importance of providing relevant cyber coverage to exchanges, smart contracts, and crypto wallets.“ -Val Yap, CEO & Founder of PAL Network
PAL Network is one of the fastest growing blockchain startups in Singapore. PAL are a dual-layered protocol for financial assets, with the vision to build an ecosystem where individuals and partners can design and customise new financial products. In addition to that, PAL aim to provide CryptoProtect to protect assets of blockchain startups in the initial launch. Future plans include insuring crypto-wallets on a personal level.
PAL Network will work together with NEM in two different applications:
- CryptoProtect insurance for projects built using NEM Blockchain
- PAL Network insurance‘s integration with NEM projects’ platforms.
In other terms, projects built on NEM’s platform and the users of these projects will have the option to obtain insurance powered by PAL Network’s blockchain technology. The coverage includes protecting risk and potential bugs in smart contract code. The projects will be covered for events like the DAO hack or/and code issue.
Firstly, PAL Network will be distributing the B2C insurance product CryptoProtect to NEM projects. Projects can obtain insurance for their wallet at a discounted rate. NEM Projects will be the front end for distribution of CryptoProtect.
* Token Shield — provides protection for your tokens in the case of a drop in value within a time period of 24 hours.
* P2P CryptoProtect — offers protection against a token’s drop in value due to an exchange hack.
* CryptoProtect (Coming Soon) — will be distributed by PolicyPal Singapore and underwritten by “AA” rated global insurers and it will protect assets of Blockchain startups in their initial launch. CryptoProtect will offer protection on an individual level, similar to existing personal lines products, with online underwriting & automated policy inception.
* PAL Network (Coming Soon) — is a dual-layered protocol for financial assets, with the vision to build an ecosystem where individuals and partners can design and customise new financial products. In PAL Network ecosystem, PAL partners can leverage on PAL’s API to build DAPPs, form mutual pool insurance, launch referral programme to complex insurance marketplace, with smart contracts making decentralised insurance and other financial assets assessable to the next billion customers.
ABOUT THE NEM BLOCKCHAIN PLATFORM
NEM is an out-of-the-box enterprise-grade blockchain platform launched in March 2015. NEM has industry leading blockchain features which include multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.
ABOUT THE NEM.io FOUNDATION LTD
NEM.io Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.