Blockchain startups in San Francisco are joining forces to work together, including one to produce a decentralised platform based on Airbnb.

Bee Token, the Blockchain property rental startup, and WeTrust, the financial services business, are teaming up to create and reorganise a system to protect deposits. In news recently released, it was revealed that the deposits would be used as a financial safeguard for hosts sharing properties and guests on the Bee Token website.

The two San Francisco startups will work together, sharing information and data about users such as trustworthiness. The two Blockchain outfits aim to reduce the cost of insurance usually paid for property damage, and instead create a more effective and efficient economy which is focused on residential sharing.

George Li, WeTrust’s CEO commented that the company were very happy about the collaboration. He added that the partnership was an example of the innovative ways in which the WeTrust Platform could and would control difficult processes regarding insurance across industries.

Furthermore, BEE Token, Bee Token’s own coin, was recently the focus of a presale at $10 million. The token will go on sale to the public at the end of January. In addition to this, Jonathan Chou, co-founder of Bee Token said the system will accommodate people already involved in the cryptocurrency world.