Bitcoin Global News (BGN)
February 28, 2019 -- ADVFN Crypto NewsWire -- In less than one
month, Singapore blockchain startup Fusion Foundation has completed
their initial funding (reaching the cap of $50 million in less than
24 hours), secured $12.3 billion in financial assets from
three strategic partners, and is now nearing launch of a platform
to bring the benefits of blockchain technology to the automotive
sales and insurance industries.
“There’s a million vehicles on the
road that have ‘washed’ titles, which means there is fraud there.
The insurance industry is hit with billions in fraud because of
missing information, drivers providing the wrong information and
inaccurate reporting.” Max Kane CEO and co-founder of
AXP
In partnership with the Automotive
eXchange Platform (AXP) the companies will put nearly 10.5 million
vehicles on the network to provide an immutable form of vehicle
history and authentication. The Automotive eXchange Platform is
based out of New York, New York, United States, and founded from a
business model based on automotive auctions of pre-owned
vehicles.
Startingup From
Experience
Dashub is a global automotive
marketplace for used and salvaged vehicles. Their core business and
existing consumer base accounts for more than 250,000. The company
offers pre-owned fleet vehicles at wholesale prices and associated
services such as financing, warranties, shipping and inspections
via its primary website. All of these members will have immediate
access to the platform through the use of DASHUB’s website,
integrated wallet, and an Application Programming Interface
(API).
The AXP network encompasses some
25,000 independent car dealers across the U.S. and this extends to
relationships with counterparties in finance and loan origination.
All of these business entities can benefit from the increased
transparency blockchain technology can bring to the data associated
with vehicle history.
The potential major growth of the
platform would be integration into current government operated
systems for vehicle information such as registration, insurance and
ownership. However, even without reaching that opportunity, the
startup believes the new system will process handle $60 to
$100million of car financing loans.
They expect that platform will
launch within six months. The network is built in relation to the
Ethereum network. The company says they are more focused on their
partnerships and accessibility, rather than attempting to perfect
blockchain technology. Automotive eXchange was built on the
Ethereum network - “We didn’t want to reinvent the wheel… spinning
up a node will be as easy as in something like bitcoin or
ethereum.” - Fusion’s founder, DJ Qian
By: BGN Editorial Staff