Blockchain Home-Sharing Network Bee Token Partners With WeTrust To Strengthen Insurance Offering

Announcements, Blockchain, Innovation | January 29, 2018 By:

Short-term housing rental startup Bee Token has teamed with financial services platform WeTrust to provide a decentralized insurance layer based on crowdsourced security deposits for Bee Token users.

Built on top of Bee protocols, Bee Token’s platform is a decentralized home-sharing network that connects hosts with guests without taking any commissions. The Beenest dApp and the Bee protocols are powered by an ERC-20 utility token, which was just the subject of a $10 million presale. A public token sale begins at the end of this month.

“Through ​decentralization, ​Beenest disrupts ​the ​current ​sharing economy ​model, using tokenization to allow ​early adopters ​and ​token ​holders to benefit from the ​growth ​of ​the Bee ​network by using Bee tokens in payment, arbitration and reputation protocols,” said a statement from Bee Token. “By removing the middleman and introducing a decentralized, automated sharing economy platform, Beenest will reverse the concentrated distribution of ownership, double-digit transaction fees, and avoid the vulnerabilities to security breaches and data manipulation of the existing short-term housing marketplaces.”

WeTrust is a collaborative lending and insurance platform built on the blockchain. The company’s mission is to leverage cutting edge technology to enable financial inclusion and improve access to market priced capital. Ultimately, they want to be seen as an alternative to traditional finance and provide community based form of credit scores, insurance, and banking.

Under the partnership, Bee Token and WeTrust will collaborate to incentivize good behavior among users by sharing information around trustworthiness and creditworthiness. The idea is that by bringing down the cost of a major pitfall – that is, insurance against possible property damage – the two companies can open up access to a residential-focused sharing economy.

“This collaboration is exactly the sort of innovative use case that we believe will demonstrate the advantages of our platform in managing the complex processes involved with decentralized insurance and insurance-like products across diverse industries,” said George Li, CEO of WeTrust.

Bee Token co-founder Jonathan Chou said the platform would cater to those already exposed to the world of cryptocurrencies.

“We cater heavily to the cryptocurrency audience to start; it’s not as intuitive to mainstream users,” said Chou. “We think the new need is for people to be able to spend bitcoin currency.”