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Germany’s Blockchain Progress Sees New Funding

 
Germany’s Blockchain Progress Sees New Funding
Breaking News / Blockchain

Next Big Thing AG is a German Internet of Things and blockchain company builder which has recently secured £13.5 million in a new funding round.

The news was published in a recent press release on 8th April where NGT announced that the company had successfully completed its Series A investment round which has been led by the worldwide industrial insurance giant HDI Global SE through Hannover Digital Invest with participation by the FinLab EOs VC Fund, a $100 million joint venture by fintech incubator FinLab AG and blockchain software developer Block.one.

According to the press release, HDI Global has decided to invest in Next Big Thing in order to support the combination of the Internet of Things as well as blockchain technologies with a focus on machine economy.

A member of the board of management of HDI Global SE, Thomas Kuhnt has stated that HDI isn’t just investing in the project but will also actively participate in the development of new projects to expand its own knowledge and solutions.

The Next Big Thing AG was founded three years ago in 2016 and is a hub for the Internet of Things that concentrates digital expertise in 12 national hubs. The German-based company is also a member of the Digital Hub Initiative, a group of 12 national digital expertise hubs that were established by Germany’s Federal Ministry for Economic Affairs and Energy.

In other recent insurance related news, Swiss blockchain-based insurance transaction platform B3i added three new insurers and reinsurers to its group of investors within a new funding round.

B3i is a blockchain initiative formed byBlockchain Insurance Industry Initiative”, B3i in 2018 and run by several international insurance companies including Munich Re and Swiss Re.

 

According to the fillings, the firm raised around $8.34 million in the form of cash while the remaining part of the sum, $7.9 million comes as converted debt.

 

As reported by CoinTelegraph, “The consortium purportedly intends to develop a blockchain trading platform for a value-added chain of the entire insurance industry, wherein B3i Services AG is set to implement the results in a functioning block-based trading system.”

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