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FDIC-insured banks don't hold digital assets. They hold US dollars. So this should read "collateralized 1-to-1 with US dollars held at US-domiciled, FDIC-insured banks." But even when corrected, this statement is so misleading it amounts to mis-selling. It implies that anyone who invests in this altcoin benefits from FDIC insurance. This is not the first time I have seen this claim made about cryptocurrency investments. It wasn't true last time, and it isn't now.

Binance recently announced that Margin Insurance Fund has been bled dry by liquidations, and they are now putting their own "profits" into the fund to try and replenish it. The Insurance Fund is designed to use the collateral from fees on non-bankrupt clients to cover losses when the client accounts go below 0 in value, to limit the occurrences of counterparty liquidation. During the recent flash crash billions was liquidated, probably bleeding the Insurance Fund dry. Binance has also reduced the interest rates on flexible savings on USDT/BUSD from 6.5% to 2%.

ZhongAn Online P&C Insurance and China Construction Bank have issued China's first insurance policy paid in digital yuan. People in pilot cities for the new central bank digital currency (CBDC) can use e-yuan to purchase ZhongAn's star Personal Clinic Policy on its app.

Members of the USDF Consortium met with senior officials of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. about how to issue a regulatory-compliant stablecoin. The group's approach is purportedly consistent with the recommendations of the President's Working Group that stablecoin be issued only by insured depository institutions. The Consortium's USDForward (USDF) stablecoin would be issued, and backed, by dollar deposits at U.S. banks. The USDF Consortium is an association formed by Figure Technologies, JAM FINTOP, and a group of FDIC-insured banks. USDF is currently being used on the Provenance Blockchain in a limited scope to facilitate the real-time, bilateral settlement of transactions.

The Society of Actuaries (SOA) published a report on the business models and operating designs of decentralized insurance alternatives. Instead of aggregating risks by centralized insurance entities, these platforms enable cost-effective and scalable peer-to-peer risk sharing with new forms of decentralized business models that leverage global accessibility and transparency, self-executing smart contracts, as well as social media tools like Discord and Twitter to coordinate community decision-making to support operations.

"On May 17, 2022, the FDIC board approved a final rule, effective July 5, 2022, addressing false advertising, misuse of the FDIC's name, and misrepresentations about deposit insurance, based on section 18(a)(4) of the Federal Deposit Insurance Act (FDIA). This section prohibits any person from engaging in false advertising by misusing the name or logo of the FDIC or from making knowing misrepresentations about the existence of or the extent or manner of deposit insurance."

Known as "Lifechain," the collaboration with Singapore Press Holdings and NTUC Income will enable bereaved families who place obituaries in a local newspaper to instantly trigger searches to see whether their loved one had a life insurance policy.

By harnessing the latest technologies, ZhongAn Online continues to integrate technology into every process in the insurance sector so as to reshape the entire insurance value chain.

Carrot, the young driver insurance provider that uses black box technology to record driving patterns and reward safer driving, is incentivising thousands of young drivers to continue to leave their cars at home during the coronavirus lockdown.

Peer-to-peer (P2P) insurance platform Ooniq has completed a year-long of testing within the Bank of Lithuania's regulatory sandbox. The platform allows its members to form groups of peers with similar interests and protect themselves against losses by pooling funds for this purpose. Group members make their own decisions on loss compensation. If funds are still available thereafter, they are returned to group members. A sense of community could encourage its members to jointly reduce risks and losses and thus protect themselves against risks in a cheaper way.

"Allianz, Europe's largest insurer, went into production mid-May with a solution to streamline international motor insurance claims. The enterprise blockchain platform has been deployed across 23 European subsidiaries. By using blockchain, there is a single source record of the decision about each claim. That cuts time spent on administration and hence cost, and it means the claim is settled faster for the customer."

The World InsurTech Report (WITR) 2019 from Capgemini and Efma explores the Insurance marketplace of the future and offers insights into how established insurers and InsurTechs can remain competitive in a dynamic business environment.

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has created its own insurance company to protect clients against the potential loss of coins from its offline vaults - with a possibly record-breaking $200 million coverage limit.

Shares of online insurer Lemonade more than doubled in its market debut to reach a $3 billion market cap. Lemonade, launched in 2016, offers insurance to renters and homeowners with the use of artificial intelligence and chatbots, allowing the company to speed up the process. Customers are guided by a chatbot through the application process in under a minute, and claims get paid that quickly as well.

Lemonade, one of the biggest among a wave of digital insurance companies, is to enter the German market in its first move outside the US. The company is one of the best-known examples of the "insurtech" companies hoping to shake up the industry with new technology and innovative business models.

Insurtech start-up B3i has launched its first product on R3's Corda platform, v1.0 of its Property Catastrophe Excess of Loss Reinsurance product. The new Cat XoL product will allowing insurers, brokers and reinsurers to "interact, negotiate and place risk more securely and efficiently."

Mobile banking firm Varo Money is now set to receive the first "de novo national bank charter" ever given to a fintech startup, with approval from the Federal Deposit Insurance Corporation for deposit insurance. The Office of the Comptroller of the Currency first awarded Varo preliminary approval in September 2018. Varo Bank is now on track to obtain its final national bank charter pending completion of organizational requirements and meeting the conditions of both the OCC's and FDIC's Federal Reserve membership. Upon full charter approval, Varo plans to expand to additional types of services including credit cards, loans, and additional savings products. https://www.fdic.gov/regulations/laws/bankdecisions/depins/varo-bank-na-draper-utah.pdf

Bitcoin derivatives exchange BitMEX continues to field criticism after attempting to explain a mass liquidation event during which BTC/USD crashed 60%. In this blog post BitMEX addressed questions from traders about the event and how its "insurance fund" works.

French insurer AXA's Swiss arm announced that its customers are now able to pay their non-life policy premiums in bitcoin. Life insurance products do not carry this option for "regulatory reasons." AXA will not be holding any bitcoin on its balance sheet. Bitcoin paid goes to broker Bitcoin Suisse, which will convert them into Swiss francs minus a 1.75% fee.

UK-based challenger bank Revolut has reportedly filed a draft application for a banking licence with the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation. Revolut currently offers financial services in the US through a relationship with FDIC-insured Metropolitan Commercial Bank.