Bitcoin specialist NYDIG raises $100 million

Property and casualty insurers join life and annuity investors already backing the company.

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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