New York Digital Investment Group (NYDIG), the bitcoin investment arm of Stone Ridge Asset Management, is creating bitcoin-powered products and services for the $6 trillion global insurance industry. The company has formed strategic partnerships with major insurers, including Starr, Liberty Mutual, New York Life, and Mass Mutual.
Tapping Into $9 Trillion Insurance Industry
NYDIG, a leading provider of technology and investment solutions for bitcoin, is bringing BTC to the global insurance industry. The company revealed on Thursday a plan to create “bitcoin-powered products and services for the $6 trillion/year global insurance industry.”
Having previously raised funds from New York Life and Mass Mutual, two major insurers focusing on life insurance and annuities, NYDIG has now “raised $100 million of additional growth capital” from property and casualty (P&C)-focused insurers. They include Starr Insurance and Liberty Mutual.
“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,” commented Robert Gutmann, co-founder and CEO of NYDIG.
Ross Stevens, CEO of Stone Ridge and Executive…