NYDIG Raises $100M to Build Bitcoin-Powered Products for Insurance Firms

New York Digital Investment Group (NYDIG) has raised $100 million of additional growth capital from strategic partners including Starr Insurance, Liberty Mutual Insurance, and other P&C insurers.

These new partners are joining other life insurance and annuity-focused strategic partners that the firm already has, including New York Life and MassMutual.

This enormous amount of capital raised reflects the growth of the investment company. Recently, NYDIG revealed that insurance firms now hold more than $1 billion worth of bitcoin investment on its platform. This feat was accomplished following the $200 million growth capital fund that was raised from notable investors, including its past business partners such as MassMutual and Stone Ridge.

The Bitcoin investment solutions provider also announced that Mike Sapnar, CEO of TransRe, would take the position of Global Head of Insurance Solutions, while Matt Carey, former co-founder and CEO of Blueprint Income, will work as NYDIG’s U.S. Head of Insurance Solutions.

Sapnar and Carey will work on accelerating bitcoin-driven innovation in the global property and casualty (P&C) industry and also bitcoin-powered solutions for U.S.-based life insurance and annuity providers, respectively.

Hank Greenberg, chairman, and CEO of Starr, a participant in the partnership, expressed his joy at the new deal and his excitement at the contributions Mike Sapnar would bring following his entry into the NYDIG.

With respect to the new additions into NYDIG, Robert Gutmann, co-founder, and CEO of the company, 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.”

He continued, “The team and I are also thrilled to welcome Mike and Matt to NYDIG. Mike has been a close collaborator with Stone Ridge since 2014, primarily with our catastrophic reinsurance asset management franchise and our non-catastrophe reinsurer, Longtail Re. Mike’s more than 30 years of experience will help NYDIG lead the way in bringing bitcoin to the insurance industry.”