Forward Industries and RockawayX Invest in OnRe’s Blockchain Reinsurance
- Forward Industries and RockawayX co-led a $5 million Series A funding round for OnRe.
- Forward Industries plans to invest up to $25 million into OnRe’s yield-bearing token on the Solana blockchain.
- OnRe aims to transition parts of the reinsurance market onto blockchain infrastructure using tokenization and smart contracts.
- The global reinsurance market is valued at over $600 billion, with total premiums around $2 trillion.
- Forward Industries holds more than 7.01 million SOL, making it the largest corporate holder of Solana.
This investment reflects a growing interest in integrating traditional financial services, like insurance, with decentralized finance. The use of blockchain for reinsurance could streamline processes such as underwriting and claims settlement.
With a substantial investment planned, Forward Industries is positioning itself at the forefront of this evolving sector, contributing to the potential growth of an industry valued at over $600 billion.(Source)
