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October 03, 2017 at 07:41 AM
Managers of Auctus, an international blockchain technology startup, say they want to set up a blockchain-technology-based annuity distribution system by the end of 2018.
The annuity exchange would be part of a blockchain-based pension plan platform aimed at employers.
Auctus managers are now preparing to sell “Ether tokens,” or digital value contracts based on the Ethereum token standard, to raise cash that will be used to set up and run the pension and annuity systems.
(Related: Crypto Performance 20x Higher Than Traditional Asset Classes)
The company has posted a document describing its pension program, and information about the token sale, on its website.
A blockchain platform is a set of rules and systems for recording bits of information, such as information about the value of a token, in a way that is visible to all but is believed to be difficult to copy or change.
The Ethereum Project is a web-based group that uses an international network of computers to manage the platform supporting the group’s Ether token. Users of Ether tokens see the tokens as a form of currency. One Ether token, or 1 ETH, has a market value equivalent to about $292 in U.S. dollars, according to Coinhills.com.
Auctus says its annuity distribution system would offer annuities from existing annuity issuers, through tools built into the Auctus employer pension plan system.
(Image: Thinkstock)
“Customers interested in the purchase of an annuity will compare available offers from top-rated insurance companies,” according to an Auctus pension program white paper. “After comparing and choosing the appropriate type, the respective annuity could be purchased in two different ways: as a lump sum or with a series of premiums.”
The Auctus Annuity Marketplace might charge commissions ranging from 1% to 8% of the value of the transaction, depending on the complexity of the annuity, according to Auctus.
