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Insurance industry dips its toes into the digital assets space

Bitcoin focused asset management firm, NYDIG, secures investment from US’s largest insurance firms

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Published 9 April 2021

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  • Financial services

The insurance industry is dipping its toes into the digital assets space, and it’s good news.

This week, NYDIG, a company which provides Bitcoin focused asset management, custodial and technology solutions secured $100m in investment from some of the US’s largest insurance firms, including Starr and Liberty Mutual.

The plan is to develop a suite of Bitcoin related insurance products. Ross Stevens, the chairman of NYDIG commented, “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.”

Given the traditionally conservative nature of the insurance sector, its foray into Bitcoin is an exciting trend in the crypto space, which can only signal further growth and a push towards mass adoption.

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Shorter Reads

Insurance industry dips its toes into the digital assets space

Bitcoin focused asset management firm, NYDIG, secures investment from US’s largest insurance firms

Published 9 April 2021

Associated sectors / services

  • FinTech
  • Financial services

Authors

The insurance industry is dipping its toes into the digital assets space, and it’s good news.

This week, NYDIG, a company which provides Bitcoin focused asset management, custodial and technology solutions secured $100m in investment from some of the US’s largest insurance firms, including Starr and Liberty Mutual.

The plan is to develop a suite of Bitcoin related insurance products. Ross Stevens, the chairman of NYDIG commented, “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.”

Given the traditionally conservative nature of the insurance sector, its foray into Bitcoin is an exciting trend in the crypto space, which can only signal further growth and a push towards mass adoption.

Associated sectors / services

  • FinTech
  • Financial services

Authors

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