Share this article
NYDIG Raises $100M From Insurance Giants in Latest Round
The institutional bitcoin shop is quickly expanding its crypto footprint with a foray into bitcoin insurance products.
By Danny Nelson
Updated May 9, 2023, 3:17 a.m. Published Apr 8, 2021, 2:56 p.m.
Make us preferred on Google
NYDIG raised $100 million from insurance companies Thursday as the institutional crypto shop previewed its latest business venture: bitcoin insurance products.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Liberty Mutual and Starr Insurance joined NYDIG’s “growth capital round” alongside other unnamed property and casualty coverage firms. NYDIG raised $200 million just last month from MassMutual, New York Life and others.
Read more: Soros, Morgan Stanley Join $200M Investment in Bitcoin Firm NYDIG
Also Thursday, NYDIG tapped industry veterans Mike Sapnar, CEO of Transatlantic Reinsurance, to lead its global insurance solutions wing. Matt Carey of annuity marketplace Blueprint Income will lead the U.S. effort, NYDIG said.
The insurance hires and investment partners – and the fact that NYDIG has now raised $300 million in two months – speak to the New York firm’s aggressive and multifaceted bitcoin expansion plan. It is now gearing up to make bitcoin insurance plays with financial backing from some of that industry’s most visible names.
What those products might look like was not entirely clear at press time. In a statement, NYDIG Executive Chairman Ross Stevens hinted “new bitcoin-denominated products for global insureds” were in the works.
More For You
Hong Kong continues to support local digital asset community growth, chief executive says
The government will continue to support a local crypto/Web3 agenda, Chief Executive John KC Lee said at Consensus.
What to know:
- Hong Kong Chief Executive John KC Lee said the government is committed to making the city a global hub for digital asset and Web3 innovation.
- Lee highlighted the "one country, two systems" framework, deep financial market liquidity and strong investor protections as key advantages for crypto development in the special administrative region.
- The Hong Kong Monetary Authority is close to issuing the first stablecoin licenses, while the Securities and Futures Commission is working to deepen virtual asset market liquidity.
Top Stories
