Blockhain technology company The Bitfury Group said it is partnering with the Washington, D.C. insurance advisory and brokerage firm Risk Cooperative to pioneer blockchain applications in the $60 billion insurance intermediation market.

The Bitfury Risk Cooperative partnership seeks to leverage Bitfury’s expertise in blockchain applications across a range of sectors and Risk Cooperative’s insurance placement platform and partnership model with leading insurers to spur adoption of blockchain in the insurance space.

Dante Disparte, Risk Cooperative’s founder and CEO, sees the deal as positioning his firm as “first movers” in the adoption of blockchain in the insurance value chain.

“This is no small feat, but with Bitfury’s strategic and operational leadership in Blockchain technology, we can be bold in our advance,” Disparte said in a statement.

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