The bitcoin investment arm of Stone Ridge Asset Management, NYDIG, is reportedly creating Bitcoin-powered products and services for the $6 trillion global insurance industry. The firm has formed deliberate partnerships with major insurers such as Mass Mutual, Starr, New York Life, and Liberty Mutual to speed up the innovations driven by Bitcoin in the global insurance industry.
NYDIG Taps into Global Insurance Industry
The New York Digital Investment Group (NYDIG), a leading provider of investment solutions and technology for Bitcoin, is reportedly bringing Bitcoin to the global insurance industry. As revealed by the company on Thursday, there is a plan in operation regarding the creation of Bitcoin-focused products and services for the global insurance industry.
Moreover, NYDIG has earlier raised funds from two of the major insurers that focus on annuities and life insurance, Mass Mutual and New York Life. Also, they have reportedly managed to raise $100 million of additional growth capital from property & casualty-focused insurers.
Robert Gutmann, the co-founder and CEO of NYDIG, commented on the partnership and 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.”
In addition to this, the CEO of Stone Ridge and Executive Chairman of NYDIG, Ross Stevens, expressed his views and 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 … We will be working tirelessly to enable new bitcoin-denominated products for global insureds.”
Broad Investments in Innovations Driven by Bitcoin
The Chairman and CEO of Starr, Hank Greenberg, recently addressed the investment with Ross and Stone Ridge:
“We’ve been broadly and successfully investing with Ross and the Stone Ridge team across their various initiatives for years, including as a founding NYDIG investor in 2017.”
For introducing Bitcoin-driven products and services in the insurance industry, Mike Sapnar is joining NYDIG as global head of insurance solutions. Whereas, the Bitcoin-powered operations for the U.S. insurance industry will be led by Matt Carey, the U.S. head of insurance solutions at NYDIG.