Chennai: ChitMonks, Hyderabad-based Blockchain startup, has launched ChitInsure, first of its kind Insurance product specially designed to protect the subscribers of registered Chit Fund companies.

A press release said, it offers two products, one helps the companies in providing additional security for new subscriptions while the other is specially designed to protect the future liabilities of the subscribers. ChitMonks is working with some of the best Insurance companies to provide services that suit their subscribers requirements.

Over 15 companies on ChitFunds 2.0 Platform are already taking benefits of ChitInsure since its beta launch in September 2020.

ChitMonks works with only registered chit fund companies in India, helping them build trust in their operations through blockchain technology and making them 100 per cent digital.