NYDIG, a subsidiary of alternative asset manager Stone Ridge that specializes in Bitcoin-related technology for the financial services business, has raised $100 million of additional capital from strategic partners including Starr Insurance and Liberty Mutual Insurance.
These property and casualty insurers join NYDIG's existing life insurance and annuity-focused investors New York Life and MassMutual, NYDIG said in a release.
NYDIG said Mike Sapnar, CEO of reinsurer TransRe, will join the company as global head of insurance solutions to focus on accelerating Bitcoin-driven innovation in the property and casualty industry.
The company also said that Matt Carey, NYDIG’s head of insurance solutions, will focus on Bitcoin-powered solutions for U.S.-based life insurance and annuity providers. Prior to joining NYDIG, Carey was co-founder and CEO of Blueprint Income, the largest online annuity marketplace in the U.S., which MassMutual recently acquired from Stone Ridge.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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