BlockRe


FintekNews is pleased to bring you #BlockchainProfiles – featuring thought leaders within the blockchain and digital currency space. For the next feature in this series, we’d like you to meet Raymond Zenkich, President, COO and Co-Founder of BlockRe, which helps companies reduce their exposure to cryptoasset-related risk by combining proven industry experience of veteran security, insurance, blockchain, investigations, financial services, and audit experts.

NAME: Raymond Zenkich TITLE: President, COO and Co-Founder COMPANY: BlockRe WEB ADDRESS: https://www.blockre.io/


How did you personally become involved in blockchain?

I became involved with Blockchain roughly four years ago as it became an increasing discussion point with clients, and given my early career as a database architect and software developer was technically interesting. It also was interesting from an intellectual point of view – that is, the broader implications raised on in Satoshi’s whitepaper touching on economics and political science.

I personally mined several cryptocurrencies to get a hands-on understanding of the technology and also took developer courses.

What does your firm do/offer within the blockchain sector?

BlockRe provides risk mitigation services for cryptoassets. As an example, we are one of the only firms in the market today who can assess the risk of custodians. This is an essential underwriting capability needed to provide insurance in the space against theft or loss of crypto currencies held by custodians (e.g., wallet providers, exchanges, investment funds). We are also an insurance broker 100-percent focused on cryptoassets.

What is your role within your firm and what do you do there on any given day?

I am BlockRe’s President, COO, and a co-founder. I spend most of my day engaging clients to help evaluate insurance products and provide insurance coverage in this space. I also further develop our internal capabilities, which include underwriting, loss event data and threat analysis.

What area/s of blockchain do you believe will grow the most in the coming 5 years?

The areas with the greatest potential for growth will be twofold. First, the increasing use of blockchain to drive middle and back office efficiencies. Second, the accelerated use of blockchain systems and operations to further tokenize financial assets beyond cryptocurrencies (e.g., loans, securities), all of which will require our risk mitigation services

What do you believe the next major innovation in financial technology will be and why?

Too difficult to answer this question as I don’t have a complete view of the sector, but the areas where I am seeing the great levels of innovation are developing countries where banking systems have historically been less developed. Mobile carriers who have great levels of trust from their customers, are aggressively expanding in the space. With the phone as a viable, portable wallet coupled with blockchain provides exciting opportunities.

As an aside, in the insurance world, the application of smart contracts and parametric risk (e.g., floods, hurricanes, flight delays), will be an exciting area of innovation

What are the biggest problems facing the blockchain industry in the future?

It is the bad actors who prey on people’s lack of knowledge.

What has been the biggest success in your firm to date?

To date, we completed the development of proprietary and comprehensive risk assessment tools, actuarial models and insurance economics. We’ve secured a number of crucial partnerships with wholesalers and carriers. We registered BlockRe insurance agencies in Illinois and Texas with New York and California a few weeks away. Our team has expanded globally to include a highly regarded insurance economist and actuaries. We have a continued and growing recognition as one of the world's leading experts on cryptoasset and blockchain insurance, confirming an increasing demand and need for insurance in the cryptoasset space. Our pre-seed round closed with funding from Plug 'n Play, Venture One, RenGen and Vy Capital.

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