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Apimeds Pharmaceuticals Signs Two-Year Deal with BlockAssure to Build AssureChain

BullishMedium impact
APUS$4.64 −10.83%

Apimeds Pharmaceuticals US, Inc. (APUS) announced that MindWave Innovations entered into a two-year master service agreement with BlockAssure. Under the terms, MindWave will serve as the exclusive blockchain provider to design, build, security-audit, deploy, and operate AssureChain, a dedicated subnet on MindChain.

In exchange for its services, MindWave will receive fixed quarterly development fees, ongoing operation and maintenance fees, and an allocation equal to 20% of the total supply of AssureCoin. AssureChain is designed to move core insurance functions on-chain, including managing contracts, policies, premiums, reinsurance treaties, and claims, with MindChain providing settlement and Ethereum anchoring.

The agreement automatically renews for one-year terms unless either party gives a 90-day cancellation notice. Investors will be monitoring future agreements regarding maintenance fees as well as the operational rollout of the new blockchain network.

Key points

  • MindWave Innovations signed a two-year exclusive deal to build and operate AssureChain for BlockAssure.
  • MindWave will receive fixed quarterly development fees, maintenance fees, and 20% of the total AssureCoin supply.
  • AssureChain will handle insurance policies, contracts, premiums, reinsurance treaties, and claims on-chain.
  • The contract automatically renews annually unless 90 days notice is provided prior to expiration.

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Questions and answers

What is the agreement between MindWave Innovations and BlockAssure?

MindWave Innovations signed a two-year master service agreement to build, deploy, and operate the AssureChain network for BlockAssure, serving as its exclusive blockchain provider.

What financial compensation is included in the deal?

MindWave receives fixed quarterly development fees, future operation and maintenance fees, and 20% of the total supply of AssureCoin.

How long is the agreement valid?

The initial contract term is two years and will automatically renew in one-year increments unless either company provides 90 days notice.