The future of insurance

The World's First 0% commission insurance on blockchain

Dear All, subject to regulatory concerns and ongoing revision of the project (initiated with document 3-276/2018) from the Bulgarian Financial Supervision Commission, the token sale event has been postponed until further notice. Updates will be released on the website as soon as possible.


A new generation of insurance process
on the blockchain.

Vernam utilizes blockchain technology to provide:

  • Competitive online marketplace for conventional insurance products by the biggest insurance companies
  • Generous compensation - up to 30% of the policy premium in Vernam tokens (VRN) is returned to clients
  • “CryptoSafe” - a smart contract, guaranteeing that when a defined set of events occur, the client will be compensated with a certain amount of Vernam Tokens (VRN). The newest and most innovative blockchain based insurance product that Vernam will introduce

$ 4.73 trillion
Total addressable market

More than 90%
Of the total insurance revenues come from North America, Europe and Asia

Up to 30%
Of the traditional insurance policy price goes for broker commission

Of millennials already adopting online insurance

Up to 30%
Sector efficiency improvement opportunity thanks to blockchain and smart contracts

0% commision

Clients, purchasing conventional insurance through the Vernam platform will receive a cashback reward, equal to a typical broker’s commission (up to 30% of the premium price) in VRN tokens.

Smart Contract

Every client will be able to sign the “CryptoSafe” smart contract, free of commission, guaranteeing that when a defined set of events occur, the client will be compensated.

Vernam VRN

To take full advantage of the platform we will introduce the Vernam token (VRN), an Ethereum-based ERC20 standard non-minable utility token that can be obtained on our crowdsale.


All insurance processes on the platform will operate with VRN tokens, generating a constant demand and rising price of the VRN token.

Secure and

The use of a shared ledger will prevent any possibility for data manipulation, increasing transparency and minimizing transaction costs.

Industry Know-how

Part of our team are key figures and companies with more than 20 years of experience in managing, developing and working in all fields of the insurance industry combined with top blockchain and crypto experts.

How the Vernam platform works

Purchasing conventional insurance with fiat money on the Vernam platform

Purchasing conventional insurance with fiat money on the Vernam platform
How the Vernam platform works

Purchasing conventional insurance with VRN tokens on the Vernam platform

Purchasing conventional insurance with VRN tokens on the Vernam platform
How the Vernam platform works

Purchasing CryptoSafe on the Vernam platform

Purchasing CryptoSafe on the Vernam platform
What we are planning

Company Roadmap


Founders joined efforts to change the insurance industry and started building the Vernam concept.

January 2018

Concept was validated by experienced InsurTech executives, who later joined the team.

February 2018

Angel investment received, start of platform development

March 2018

Start of the preparation for a token sale

Q3 2018

Listed on an exchange

Q4 2018

Vernam platform MVP launch and testing

Q1 2019

Vernam broker starting operation in several markets

Q2 2019

First CryptoSafe smart contracts signed. Vernam mobile app launch

Q3 2019

Development of additional smart contract insurance products


Operating on 8+ key European markets

Token Allocation

  • Start of token crowdsale: 15 May 2018
  • Token symbol: VRN
  • Type: ERC-20
  • Total token supply: VRN
  • New token will never be created
  • Soft Cap: 40.000.000 VRN
  • Hard Cap: 500.000.000 VRN
  • Minimum transaction amount: 0.1 ETH, 0.01 BTC, 1000 USD
  • 1 VRN = 0.051 - 0.085 USD
  • 1 ETH = 800 USD
  • The unsold tokens will be burned
Use of proceeds
VRN token distribution

Use of Proceeds

Marketing is a critical field for the platform’s success and “Insurtech” is one of the most expensive industries in terms of marketing costs.

Legal and administrative fees will be substantial, given the platform’s target of registering brokers in covering 8 countries by the end of 2020.

A key element for the project will be the platform development (blockchain platform,desktop and mobile clients)

The remaining funds will be used for network development (i.e. negotiating initial broker collaboration, acquisitions and other equipment / physical asset costs).

Token Allocation
VRN token allocation


Besides platform development, our growth strategy foresees the establishment of a broker network across a number of EU countries at first, depending on the funds raised.

Soft Cap 40m VRN
Platform core blockchain integration and first EU county broker license.
If the goal is not reached, the funds will be returned.
250m VRN
Opearate up to 8 EU countries and integrate country specific platform upgrades.
500m VRN
Expand beyond Europe and develop additional platform features and products. Buying licensed brokers with network.
How it works
Vernam in Media

Featured On

Backed by

Our Partners

Meet the team

The Vernam Team

PhD Student, MBA
Roman Angelov
CEO, Co-founder

CEO of DIMIROMA GROUP, leading Bulgarian consulting, IT and digitization company. Rewarded DNI Innovation funding by Google.

PhD Student,
Dipl. Eng Dimitar Mitrev

Experienced in creating and managing different B2B IT projects. CEO of DEAFOR. Member of the Bulgarian Association of Information Technologies (BAIT)


Member of the board of directors of one of the biggest holdings in Bulgaria. Founder and manager of a successful mobile app development company.


Experienced Senior Software Engineer at TIS. Former software Developer and Technical Team Leader at Proxiad. Sun Certified Java Programmer SE 5.0. Former PHP Web Developer at

PhD, Prof.
Zhelyo Hristozov
Insurance Director

Experienced Insurance executive, professor at the University of Finance, Business and Entrepreneurship. Former CEO of Olympic Insurance Company and the DBJZ Insurance Company

Borislav Stefanov
Business Developer

Harvard MBA graduate with extensive experience in business development and management strategy. Former head of Bulgarian Government Investment Agency.

Financial Expert

Partner at Mane Capital, an investment banking boutique, specialized in Equity&Debt Capital Markets and Mergers&Acquisitions transactions. Former head of Corporate Finance in the Bulgarian Branch of KBC Securities. 

General Legal Counsel

Attorney at Law with rich experience in ICT and corporate law. Extensive competence in blockchain law.

Business Developer

Experienced executive with over 13 years of professional experience in the outdoor advertising industry. Previously worked for German company OOH Wall AG

PhD, Prof.
Angel Doraliyski
Strategic Planning

Associate Professor at the University of National and World Economy, New Bulgarian University and Limburg University in Belgium. Author of Academic Textbooks on Theory of Management; Management Policy; Strategic Management. Creator and Team Leader of a Group for Training on Heuristic and Creative methods in Management.

Marketing Director

Master of digital marketing. Co-founder and marketing manager of, one of the leading e-commerce stores in Greece.

Blockchain & Crypto Expert and Developer

Blockchain developer at Global Group ( Owner and Lecturer at Global Academy Place - Investment, Crypto and Forex e-learning platform. Blockchain lecturer at Blockchain developer and crypto advocate.

CEO of MM Broker

MM Insurance Broker’ Ltd. is a licensed insurance broker in accordance with the Bulgarian laws (License No.73/30.05.2000, issued by the Insurance Supervision Directorate at the Ministry of Finance of the Republic of Bulgaria) and member of the Association of the Insurance Brokers in Bulgaria. The company has won a range of awards of the leading insurance companies in Bulgaria.

Blockchain developer

Blockchain developer at Global Group ( Software Developer with rich experience in Web Development and Software Engineering. Certified .NET and Javascript Developer

Blockchain & Crypto Expert and Developer

Blockchain developer at Global Group ( Blockchain lecturer at Project Manager at Global Academy Place. Course Developer, Technical Trainer and Educational Assistant at Academy School of Blockchain. Certified Ethereum and Blockchain Expert.

Blockchain & Crypto Expert and Developer

Blockchain Architect and Chief Of Delivery at LimeChain. Co-Founder and Chief Growth Officer of the Lean Collaboration Tool Swip. Agile Enthusiast and a Panda in nature.

Blockchain developer

Blockchain developer and Advocate & Software developer  at Global Group ( Passionate enterpreneur professional with Master's Degree in Computer Systems Networking and Telecommunications and strong skills in programming.


Dr.Ing.Inf. Theodor

Chief Technology Officer at Huawei Technologies | Part of the CERN research team | Karlsruhe Institute of Technology (KIT)

Cybersecurity Expert

Founder of TAD GROUP, the first cybersecurity company in Bulgaria. CEO of Subway Bulgaria and Romania.


Blockchain Practitioner & Advocate. Founder & CEO @ LimeChain. Working on making a positive impact using blockchain technology.


Cofounder Chief editor Irish Tech News, CryptoCoin.News | Top 10 ICO expert advisor ICObench | In advisory board for more than 36 successful ICOs


Blockchain technology consultant | ICO Campaign Manager| TraXion by Pluma Technologies | Top 10 ICO expert advisor at ICObench | In advisory board for more than 21 successful ICOs


CAMP CTO | Top 10 ICO expert advisor ICObench | In advisory board for more than 20 successful ICOs

Marketing Advisor

CEO / Co-founder at 7marketz Inc. |Top ICO expert advisor ICObench | Advisor to 30+ leading ICOs | Co-founder of Fintech training centers in Europe, Asia and Africa