Bitcoin-focused monetary service agency, NYDIG, has raised $100 million and made new hires to steer the insurance coverage options arm
The New York Digital Investment Group (NYDIG) yesterday introduced it had raised $100 million with the assistance of property & casualty insurers Starr and Liberty Mutual Insurance. It is now formally related to two totally different branches of the insurance coverage trade. The funding and expertise companies supplier beforehand sealed partnerships with life insurance coverage suppliers in New York Life and MassMutual.
The firm additionally revealed it was diving into the insurance coverage market with its “Bitcoin-powered options for US-based life insurance coverage and annuity suppliers.” The insurance coverage options arm will likely be led by Mike Sapnar, who comes on board from TransRe. Sapnar brings a wealth of expertise to NYDIG, having served because the chief govt of TransRe, one of many world’s largest reinsurance firms.
At NYDIG, he would be the Global Head of the Insurance Solutions enterprise and spearhead the event of Bitcoin-oriented options within the property and casualty trade. Sapnar will work alongside Matt Carey, who heads the insurance coverage answer within the US area. Carey was the co-founder and chief govt of Blueprint Income, an internet annuities supplier, earlier than his rent.
NYDIG chief govt Robert Gutmann asserted he was pleased to have Starr and Liberty Mutual as companions.
“I’m excited to welcome Starr and Liberty Mutual to NYDIG as a part of our growth of bitcoin into new areas of insurance coverage,” he mentioned. “The team and I are also thrilled to welcome Mike and Matt to NYDIG.”
Speaking on the identical, NYDIG govt chair, Ross Stevens mentioned, “We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year. With the addition of Mike Sapnar […] and now with Starr, Liberty Mutual, New York Life, and MassMutual as shareholders of NYDIG, we will be working tirelessly to enable new bitcoin-denominated products for global insureds.”
The newest funding spherical brings the sum raised by the corporate over the previous six months to $450 million. This quantity is about to assist the corporate advance its Bitcoin-oriented initiatives in varied sectors, together with clear vitality and insurance coverage.
In addition to those Bitcoin-related enterprise initiatives, the corporate can be seeking to introduce an ETF product involving the flagship cryptocurrency. NYDIG already filed Bitcoin ETF registration paperwork with the US Securities and Exchange Commission in mid-February.