B3i Raises USD16 Million

Zurich-based blockchain startup B3i Service AG has increased its capital by USD16 million in February, according to recently published filings from the Swiss commercial register.

B3i Service AG — a blockchain initiative formed by “Blockchain Insurance Industry Initiative” B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re — has raised about USD16 million, having maximised its capital to CHF22,475,945 (USD22.6 million).

According to the filings, the company raised CHF8.27 million (USD8.34 million) in the form of cash, while the remaining part of the sum, CHF7.9 million (USD7.9 million) comes as converted debt.

The consortium purportedly intends to develop a blockchain trading platform for a value-added chain of the entire insurance industry, wherein B3i Services AG is set to implement the results in a functioning block-based trading system.