According to CoinDesk, Infineo, a company focused on blockchain life insurance, said on Tuesday that it has transferred the "first ever" tokenized life insurance on a distributed ledger system. The company minted a total of $9.4 million in policies on the Provenance network. The policies were tokenized in conjunction with Provenance Blockchain Labs, the ecosystem development organization behind the Provenance network. Infineo said it is also developing a secondary market for tokenized policies that allow peer-to-peer transactions and new products supported by tokenized life insurance. Infineo's minting behavior comes at a time when traditional capital markets and cryptocurrencies are increasingly intertwined, and institutions are putting old-fashioned financial products like credit, bonds and private equity on blockchain networks in the form of tokens. This process is often called the tokenization of physical assets (RWA), and a report from Bank of America said it could change and disrupt the traditional financial system. Infineo said the $3 trillion life insurance market could benefit from using blockchain rails, for example, by protecting policyholders and beneficiaries from more than $7 billion in unclaimed benefits.