Lemonade Inc’s (NYSE:LMND) The Lemonade Foundation announced Tuesday the formation of the Lemonade Crypto Climate Coalition.
The coalition is being constituted through a Decentralized Autonomous Organization (DAO) dedicated to building and distributing at-cost, instantaneous, parametric weather insurance to subsistence farmers and livestock keepers in emerging markets.
The founding coalition members, alongside the Lemonade Foundation, include Avalanche (CRYPTO: AVAX), Chainlink (CRYPTO: LINK), DAOstack (CRYPTO: GEN), Etherisc (CRYPTO: DIP), Hannover Re, Pula and Tomorrow.io.
The climate insurance will be architected as a stablecoin-denominated, decentralized application (dApp) on Avalanche, an eco-friendly proof-of-stake blockchain.
Farmers will be able to make and receive payments with ease from their phone using global stablecoins or local currencies, much as they do for banking and payments today, according to Lemonade. An initial rollout in Africa is expected within the year.
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“The Lemonade Crypto Climate Coalition is a prime example of how innovative solutions built on the blockchain can drive global financial inclusion previously unavailable," said Sergey Nazarov, co-founder of Chainlink, the market-leading blockchain oracle solution.
“We plan to make the Chainlink team and platform available to L3C in an effort to protect the millions of farmers who depend on what they grow from the devastation of climate change."
