The New York Digital Investment Group announced the completion of a growth capital funding round as well as the launch of a Bitcoin business initiative.
In an announcement today, the New York Digital Investment Group, or NYDG, said it has secured $ 100 million in funding from major insurance providers, including Starr Insurance, Liberty Mutual Insurance and others. , in addition to its existing strategic partners, New York Life and MassMutual. .
A provider of Bitcoin-related technology and investment services, NYDIG also said it will launch “Bitcoin-powered solutions for US-based life insurance and annuity providers.” It comes as the company announced the addition of CEO of reinsurance company TransRe, Mike Sapnar, who will join NYDIG as global head of insurance solutions.
NYDIG co-founder and CEO Robert Gutmann said the capital growth introduced by Starr, Liberty Mutual and other companies would help the company “grow Bitcoin into new areas of insurance.” The company has raised $ 450 million in the past six months for Bitcoin-related business initiatives in insurance, banking and clean energy.
“The depreciation of Fiat causes inflation of fiat premiums, while reducing the purchasing power of claims,” said NYDIG executive chairman Ross Stevens. “We see a brighter Bitcoin-fueled future for the billions that depend on the insurance industry every year.”
In February, NYDIG filed a registration statement with the United States Securities and Exchange Commission to launch a Bitcoin exchange-traded fund. At the time of publication, the company has declared more than $ 3 billion in digital assets in custody.