Two San Francisco blockchain startups are teaming up, including one that is aiming to create a kind of decentralized Airbnb.
Short-term housing rental startup Bee Token and financial services platform WeTrust are partnering to develop a "decentralized insurance layer based on crowdsourced security deposits." In other words, the deposits would act as a financial buffer for both the hosts listing on Bee Token's Beenest platform as well as well as guests.
To get there, the two startups plan to connect with one another to share information about users, including their overall trustworthiness as either tenants or hosts. The idea is that by bringing down the cost of a major pitfall – that is, insurance against possible property damage – the two companies can open up access to a residential-focused sharing economy.
Bee Token's platform has its own BEE token, which was just the subject of a $10 million presale. A public token sale begins at the end of this month.
In a recent interview with the San Francisco Chronicle, Bee Token co-founder Jonathan Chou suggested that the platform would, in a way, cater to those already exposed to the world of cryptocurrencies.
"We cater heavily to the cryptocurrency audience to start; it’s not as intuitive to mainstream users", Bee Token Co-founder Jonathan Chou told the newspaper. "We think the new need is for people to be able to spend bitcoin currency."
House image via Shutterstock
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.