Home Finance News Addenda Announces Closure to Its Seed Round

Addenda Announces Closure to Its Seed Round

Addenda, an insurance blockchain association, based in UAE, is done with its seed fundraising round, as per the official announcement. With these fresh investments, the firm not only plans to scale up its marketing and sales efforts but also boost product development. In addition to that, Addenda intends to establish and broaden their operations in more GCC nations.

The amount of the funds has not yet been disclosed. The fundraising round saw participants from noted organizations such as 500 Startups, Beyond Capital, and Jada Investments, to name a few among a list of angel investors.

Sharif El-Badawi, 500 Startup’s Managing Partner, shared his views on this latest announcement saying that they are thrilled to partner with Addenda. Terming Addenda’s blockchain solution as first-of-its-kind in the Middle East, Sharif stated that they are proud of Addenda’s founders, as well as their team, for having introduced a feasible product powered by blockchain technology that the insurance sector can adopt.

Addenda, the blockchain firm that has two brothers Karim Davis Dib and Walid Daniel Dib as founders, was established last year in March. Addenda has also become a part of the second unit of the DIFC (Dubai International Financial Centre) Fintech Hive.

The company came out with its first blockchain reconciliation platform between insurance firms in mid-October. According to Addenda’s CEO, Walid Daniel Dib, the platform saw 8 insurance firms filing motor insurance claims worth over Dh700,000 against one another within a couple of weeks from the launch.

Robert Hill
Robert Hill
Robert a Crypto writer and an expert in delivering content with both informative and entertaining approaches. He has 4 years of experience working as a crypto writer with our team. You can interact with him by email: robert@forexnews.world.

Must Read

Is Zcash Still a Better Option Than Monero and Dash?

Transaction data of most cryptocurrencies like Bitcoin are distributed on a public ledger that anyone can view. It is the rising concern over the...

Coinbase App vs. Coinbase Wallet App – A Comparative Study

Coinbase is one of the leading cryptocurrency exchanges globally and is a decentralized exchange platform for Bitcoin and various other top cryptocurrencies. Some has...

Litecoin Mining: Know About How to Guide

Introduction: How to mine Litecoin Litecoin (LTC) is one of the earliest digital currencies designed by former Google engineer Charlie Lee in October 2011. Litecoin...

Understanding Crypto Trading: A Guide for Newbies

With 24 hours trading volumes that average around $50 billion or even more and cross over $100 billion, the cryptocurrency market has grown significantly...

Views of Chamath Palihapitiya on Bitcoin

A lot of factors drive the world of cryptocurrency and blockchain technology, and one of the most sophisticated factors that we are going to...