NYDIG raises $100 million from insurers

New York Digital Investment Group (NYDIG), a platform focused on major players, attracted an additional $100 million in funding.

We’re excited about these new strategic partnerships that will expand our presence to new sectors of the global insurance industry. NYDIG’s Insurance Solutions practice, led by Mike Sapnar, will focus on driving the success of these efforts. More info: https://t.co/LkIgOrewQy

— NYDIG (@NYDIG_BTC) April 8, 2021

The platform was backed by insurers Starr Insurance, Liberty Mutual Insurance, and other market participants. They joined a group of strategic partners, including New York Life and MassMutual.

NYDIG also hired former TransRe head Mike Sapnar as head of the Insurance Solutions division. The unit will focus on developing products and services based on Bitcoin, the first cryptocurrency.

In December 2020, MassMutual, the oldest insurer in the United States, invested $100 million in digital gold. MassMutual also acquired a $5 million stake in the platform.

Earlier in March 2021, NYDIG attracted $200 million in a round backed by Morgan Stanley, MassMutual, Soros Fund Management, New York Life and other investors.