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New York Digital Investment Group (NYDIG) announced the conclusion of a growth capital funding round and the introduction of a business initiative linked to bitcoin. NYDIG has raised another $100 million just one month after declaring a $200 million fundraise. It secured funding from significant insurance providers. It includes Starr Insurance, Liberty Mutual Insurance, others, and its existing strategic partners, New York Life and MassMutual.
The prominent provider of Bitcoin-related technology and investment services also advocated that it would be launching Bitcoin-based solutions. It will be for U.S.-based life insurance providers and annuity providers. Moreover, the co-founder and CEO of NYDIG, Robert Gutmann, elucidated that growth from capital introduced by Starr, Liberty Mutual, and other companies would support the firm’s development of Bitcoin into new areas of insurance. NYDIG has previously raised $450 million in the last six months for Bitcoin-based business initiatives on insurance, banking, and clean energy.
NYDIG Actively Involved in the Crypto Space
The announcement comes after NYDIG announced that the President and CEO of TransRe, Mike Sapnar, will be joining the company as global head of insurance solutions. Thus, stimulating bitcoin-based innovation in the global property and casualty industry. In February, NYDIG filed a registration statement with the U.S. SEC to introduce a Bitcoin ETF. NYDIG filed a Form S-1 registration statement for a Bitcoin ETF with the SEC. The filing lists NYDIG Trust Company LLC as the fund’s Bitcoin custodian and Morgan Stanley as an authorized participant.
Furthermore, NYDIG has been extremely active in the crypto space, as it intends to provide more institutional exposure to digital assets such as Bitcoin. In November and December 2020, the company raised $150 million via two separate crypto investment funds. Moreover, NYDIG was conferred a BitLicense by the New York State Department of Financial Services in 2018. NYDIG’s parent company, Stone Ridge, is one of the biggest institutional holders of Bitcoin. At the time of this publication, the firm has recorded more than $3 billion in digital assets under custody.