Three years ago, Alvin Ang and his partner founded fidentiaX in Singapore, with the ambition to create the world’s first marketplace for tradable insurance policies on blockchain. With a 26-page white paper, the start-up closed a successful fundraising round through an ICO (initial coin offering). Three years later, however, the company still had not completed the infrastructure for the insurance trading platform. Besides the rapidly dwindling funds, fidentiaX had to fight with a tardy development team, uncooperative incumbent insurers, and begrudging investors. The case provides an overview of the blockchain industry and insights into the secondary life insurance market. Through the case, students will assess the company’s business strategies and learn about typical challenges faced by technology start-ups.