Sounds like a great concept but I can't understand the ICO prices. Surely you can't be looking to sell 100,000,000 tokens at 1 eth per 500. That would give you a target of ~$6.5bn raised from the ICO and more than $1.5bn worth of tokens going to the founders. I must be missing something.
hi @jcarl987, thank you very much for your question. We are putting up 100,000,000 fdX tokens for the Crowd Token Contribution at an exchange of 1ETH:500fdX, lets assume ETH is at US$330 today.
100,000,000/500*330=US$66mil.
In our whitepaper, we have allocated 70% of the fund raise towards building a model porfolio with the following objectives:
-Demonstrate the benefits of having tradable insurance policies in an investment portfolio. Key statistics of the portfolio will be shared on the platform (e.g. portfolio size, average yield at maturity, average investment tenure, etc.)
-Facilitate trades on the platform during the initial stage, this will be done through direct acquisition of policies in a number of countries and listing them on the platform. This is necessary while we build market awareness of the first global marketplace for tradable insurance policies.
-Utilize the portfolio returns (3%p.a.~4%p.a) to fund future development of the platform as well as funding a non-profit foundation to proliferate the adaptation of blockchain technology in the Insurance Industry.
The total amount raised may seems to be a high number, however the insurance industry is a multi-trillion market and surrendered value in Singapore, Malaysia, Hong Kong, South Korea and Japan combined exceeds $700billion in a year.
Another point we would like to highlight, founder's token are "vested" over a period of 3 years from end of Crowd Token Contribution, i.e. founders will only be allowed to release 30%/30%/40% of the tokens progressively. We are in this for the long haul.