Allianz Insurance Company announced the development of a token for internal transfers

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It is reported that a significant insurance organization Allianz has begun testing an internal token for transfers of funds between its branches to avoid currency conversion and other transaction costs. It is known that they are developing a token together with the startup Adjoint, which created a closed-source encryption technology for this.

The blockchain experts of the insurance company claim that their token will get rid of restrictions related to currency exchanges, for example, it concerns the use of currencies, which are not accepted by the organization, and there is an additional problem with their conversion. Also, the use of the token will help to reduce the participation of banks in the company's work, which will also lead to significant process optimization and savings on commission costs.

Another advantage of its token, the Allianz management believes its convenience in transnational use, as the insurance giant operates in 100 countries around the world. The company's executives also emphasize that their token works on a blockbuster and has no points of contact with crypto-currencies, the digital asset is pegged to the dollar.