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[Blockchain Today Reporter Jieun Lee] New York Digital Investment Group (NYDIG) announced the end of growth capital funding with the launch of a business plan related to Bitcoin.
According to Cointelegraph, the New York Digital Investment Group (NYDG) announced on the 8th (local time), along with its existing strategic partners New York Life and MassMutual, as well as major insurance companies such as Starr Insurance and Liberty Mutual Insurance. It has secured $100 million in funding from providers.
NYDIG, a provider of bitcoin-related technology and investment services, said today that it will launch a bitcoin-based solution for US-based life insurance and annuity providers. Announced the addition of CEO Mike Sappnar.
“The capital growth introduced by the Star and Liberty Mutual will help Bitcoin expand into the new insurance sector,” said NYDIG co-founder and CEO Robert Gutmann. The company has raised $450 million over the past six months in insurance, banking and clean energy sectors for its Bitcoin-related business plans.
Ross Stevens, CEO of NYDIG, said, “Financial depreciation leads to fiat currency premium inflation, which leads to reduced purchasing power.” “We are backed by bitcoin every year for billions of people who rely on the insurance industry. We are seeing a bright future.”
NYDIG submitted a registration report to the US Securities and Exchange Commission (SEC) in February to launch a Bitcoin exchange trading fund. Currently, the company’s digital asset holdings are reported at more than $3 billion.