Insurance firm MassMutual Joins the Bitcoin Club With $100 Million Purchase

A Massachusetts-based insurance firm has bought $100 million worth of bitcoin for its general insurance account, according to The Wall Street Journal. 

MassMutual, which is not publicly traded, oversees insurance accounts topping $235 billion. It made the purchase through New York-based NYDIG, which offers cryptocurrency custody and trading services. The insurance firm also acquired a $5 million stake in NYDIG, according to the WSJ. 

According to the Journal report, the investment will provide MassMutual with “measured yet meaningful exposure to a growing economic aspect of our increasingly digital.”

Founded in 1851, MassMutual is an American mutual life insurance firm with 5 million clients.

Source: wsj.com