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.
The Merrill Lynch defectors expand RBC's reach in Texas while LPL bolsters its New York presence.
Separately, Cleveland Fed President Beth Hammack said the central bank could make a move by June if data show a clear economic trajectory.
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