Bloomberg announced on April 30 that Chinese Internet giant Tencent will work with a local insurance company that will develop new block chain solutions.
Waterdrop, which is part of the rapidly growing Chinese health insurance industry, will use Tencent’s expertise in this area to create as-yet-not-specific tools using the blockchain.
The move followed the closing of the Waterdrop Series B financing round in March under Tencent, which attracted 500 million yuan ( $ 74.2 million ).
At the same time, the company Bloomberg reported that the company is looking for new funding, and also estimates it at least $ 1 billion .
“The company will spend money on automating recoveries and developing the blockchain technology with Tencent,” said founder and CEO Shen Pen.
Crowdfunding medical insurance works on the principle of users, helping to meet the critical needs of others, with platforms designed for maximum payments of about 300,000 yuan ( $ 44,500 ).
Along with Tencent, an Internet technology colleague and owner of Alipay, Ant Financial, is already participating in the industry thanks to its offer of Xiang Hu Bao. A competitor, says Bloomberg, hopes to register 300 million Chinese residents by 2021.