Stone Ridge Asset Management, a NYDIG, has completed a $100 million investment round. The round was led by Starr Insurance, Liberty Mutual, New York Life and MassMutual. They are seeking to build some Bitcoin-based products that are customized for the insurance industry.
Mike Sapnar, a veteran of the industry and the CEO of Transatlantic Reinsurance has been tapped to take charge of the Insurance department of the company. He would be joined by Matt Carey of Blueprint Income who would oversee the company’s operations in the US.
Stone Ridge’s CEO, Ross Stevens, in a statement said that the depreciation of fiat results in decreased purchasing power. He foresees a future where the billions of people depending on insurance would be powered by bitcoin. According to him, the property and casualty industry pays claims in excess of $1 trillion annually.
Last month, NYDIG closed out a whopping $200 million funding from several institutional investors like Morgan Stanley, and Soros Fund Management. After the funding round, Ted Matthas, CEO of New York Life joined the Board of Directors of the NYDIG. The company’s first round in 2017 closed at $50 million. In Q3 of 2020, it closed another round of $55 million. In March this year, it closed a round of $200 million. NYDIG’s assets under management stands at $6 billion.