Massachusetts life insurance company is entering the corporate Bitcoin game with a $ 100 million investment in Bitcoin and a $ 5 million stake in NYDIG.
This binary game, both of which were announced in the press release, reveals that MassMutual is directly affected by the price fluctuations of the cryptocurrency. Addressing this, we can say that other large fish seem likely to follow this path.
What is NYDIG?
NYDIG is one of the fastest rising institutional crypto stores under $ 2.3 billion under management. NYDIG provides MassMutual with a $ 100 million purchase.
MassMutual did not explain why it sees Bitcoin as a reasonable investment. However, he told the WSJ that he was making a “just but meaningful” attempt to an increasingly digital world.
MassMutual’s investment is almost nothing in the huge $ 235 billion money bucket of the general investment account.
Could Companies Get Warm To Cryptocurrencies?
The life insurance company is the latest institutional backer to support Bitcoin’s move towards the financial mainstream this year. Since the epidemic emerged, public companies and storied fund managers have been embracing the cryptocurrency in a way never seen before.
With its bilateral investment in NYDIG, the company that facilitates this acquisition, MassMutual demonstrates that it attaches importance to the infrastructure that enables corporate adoption. NYDIG company also continues its developments in this regard without slowing down. The company hired crypto banker Patrick Sells to lead crypto services outreach efforts.