NYDIG, a developer of investment solutions for bitcoin, has closed a $100m investment.
The round was backed by including property and casualty-focused insurers Starr Insurance and Liberty Mutual Insurance, as well as other unnamed insurers. They join the company’s existing backers New York Life and MassMutual.
As part of the deal, TransRe CEO Mike Sapnar has joined the company as global head of insurance solutions. In this position, Sapnar will focus on accelerating bitcoin-driven innovation within the P&C insurance industry.
Joining Sapnar is NYDIG US head of insurance solutions Matt Carey, who will help bolster bitcoin-powered solutions in the US.
NYDIG co-founder and CEO Robert Gutmann said, “The global property & casualty (P&C) industry is huge, paying out over $1 trillion in claims annually. I am excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion of bitcoin into new areas of insurance.”
The FinTech company is building a range of technology solutions that hope to increase the adoption of bitcoin within financial services.
Some of the features it offers to banks include financing and loan servicing, bitcoin donations, consumer products and sub-custody.
NYDIG executive chairman Ross Stevens said, “Fiat depreciation causes inflation in fiat premiums, while collapsing the purchasing power of claims. We see a brighter bitcoin-powered future for the billions who depend on the insurance industry every year. With the addition of Mike Sapnar, a trusted partner for years, 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.”
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