The investment services firm said its new global head of insurance solutions will lead the effort
In today's announcement, the New York Digital Investment Group (NYDG) said it has secured $ 100 million in financing from major insurance providers including Star Insurance, Liberty Mutual Insurance and others, as well as its existing strategic partners, New York Life and Diamond Mutual.
New York Digital Investment Group Inc., a company that provides investment and technology services related to Bitcoin, said it will launch 'Bitcoin-backed solutions for life insurance and annuity providers in the United States'. This comes as the company announced the addition of Mike Sapnar, CEO of reinsurance company TransRe, who will join the New York Digital Investment Group as global head of insurance solutions.
Robert Gottman, co-founder and CEO of New York Digital Investment Group, said the growth from the capital provided by Star, Liberty Mutual and other companies will help the company "expand Bitcoin into new areas of insurance." The company has raised $ 450 million in the past six months for Bitcoin-related business initiatives around insurance, banking, and clean energy.
“The depreciation of fiat currencies is causing fiat premiums to inflate, while the purchasing power of claims collapses,” said Ross Stevens, CEO of New York Digital Investment Group. 'We see a brighter future powered by Bitcoin for the billions who depend on the insurance industry every year.'
In February, New York Digital Investment Group filed a registration statement to the US Securities and Exchange Commission for the launch of the Bitcoin ETF. At the time of writing the article, the company reported over $ 3 billion in digital assets under preservation.
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