NYDIG raises $ 100 million to expand bitcoin in the insurance industry

Sandra Loyd

The firm New York Digital Group (NYDIG), a provider of technological solutions and financial services dedicated to bitcoin announced on April 8, that they raised USD 100 million in a financing round. The insurance companies that participated were Starr Insurance, Liberty Mutual Insurance and other insurers.

In a statement, the company highlighted that the incorporation of Starr and Liberty Mutual , focused on the areas of property and casualty, will allow the expansion of bitcoin to new areas in the insurance industry.

Recently, NYDIG also conducted a round of growth capital , in which the financial multinational Morgan Stanley and Soros Fund Management participated, together with Stone Ridge, Holdins Group, and MassMutual. On that occasion they managed to raise USD 200 million.

The New York-based company also reported the incorporation of Mike Sapnar, CEO of TransRe, one of the largest reinsurers in the world, as director global insurance solutions. According to NYDIG, Sapnar will focus on “accelerating bitcoin-driven innovation in the global P&C industry.”

NYDIG CEO Robert Gutmann said the insurance industry in the property and casualty area pays USD 1 billion per year . “I’m excited to welcome Starr and Liberty Mutual to NYDIG, as part of our expansion from bitcoin to new areas of insurance,” he said.

For his part, Ross Stevens, CEO of NYDIG, said that the depreciation of fiat currencies causes inflation in fiat premiums , at the same time That collapses the purchasing power of claims. “We see a brighter future powered by bitcoin for the billions that depend on the insurance industry every time,” he asserted.

Reaction to NYDIG’s bet on bitcoin

Following the announcement made by NYDIG, the renowned author of the best seller The Bitcoin Pattern , Saifedean Ammous , wrote on Twitter, his point of view on the step that insurance companies were taking when incorporating bitcoin as part of their financial solutions .

Possibly the most underrated trend in bitcoin, is the expansion of NYDIG to offer bitcoin solutions to the insurance industry . The appreciation of bitcoin makes it a much better asset for both insurers and their clients because of the depreciation of fiat money.

Saifedean Ammous, author of The bitcoin pattern .

NYDIG and its bitcoin ETF proposal

New York Digital Group wants to step firmly on the ground of bitcoin , so much so that last February they applied to the United States Securities and Exchange Commission (SEC), together with the investment bank Morgan Stanley, for the approval of a listed investment fund (ETF) of bitcoin , as reported by CriptoNoticias.

NYDIG introduced form S-1 that includes a preliminary prospectus of what the mutual fund would be. Some details that attract attention are the following: the product would be named NYDIG Bitcoin ETF, although it does not yet have an identifying ticker, and it would be managed by Bancorp Fund Services.

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