MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain.
Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing.
For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used.
The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs.
“The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon so far.”
MSP Recovery went public in mid-2021 via a so-called SPAC. The company is listed on the Nasdaq under the ticker MSPR.
Sandeep Nailwa, one of the co-founders of Polygon ( MATIC ), emphasizes that the new partnership has "great potential" and at the same time provides "proof that more and more blockchain companies like Tokenology are relying on Polygon's technology".
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