Why a Massive 169-Year-Old Insurance Company Just Bought $100M in Bitcoin
MassMutual becomes the latest announced institutional buyer of bitcoin, and this one could be even more significant in terms of precedent.
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The Nasdaq-listed auto insurance company Metromile has purchased $1 million in bitcoin. The company plans to “become the first insurance company to allow policyholders the option to pay for insurance and receive payment for eligible claims in either bitcoin or dollars.” Auto Insurance Platform Adds Bitcoin to Balance Sheet The Nasdaq-listed insurance company Metromile Inc. disclosed its bitcoin purchase in a filing with the U.S. Securities and Exchange Commission (SEC) dated Aug. 10. Metromile is a digital insurance platform and pay-per-mile auto insurer. The filing states: In....
In a surprise post on Coinbase's blog today, Coinbase revealed that they have "been insured for almost a year." Coinbase insurance was secured through worldwide insurance broker, Aon. Aon has over 60,000 colleagues worldwide and provides services for clients in over 120 countries. That Coinbase is securing insurance from a potentially worldwide network of underwriters is no small fact to look over. Coinbase's insurance policy "covers losses due to breaches in physical or cyber security and employee theft." Pointedly, Coinbase insurance does not help any individuals that lose their bitcoins....
The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....
MergerTech has announced that it will now accept bitcoin as payment for its merger and acquisition (M&A) advisory services. The California-based company has a history of working to help tech companies with less than $100m in revenue achieve successful exits. For example, MergerTech brokered mobile banking startup Simple's $117m sale to megabank BBVA earlier this year. Speaking to CoinDesk, MergerTech founder and CEO Nitin Khanna framed the company's decision to accept bitcoin as a way his team could learn more about the bitcoin ecosystem while gaining new clients seeking M&A deals. Khanna....
MassMutual shocked the industry yesterday when it purchased Bitcoin to complement its general investment account. Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a long-standing life insurance company that services five million clients. It is based in the city of Springfield, Massachusetts, with over 7,000 employees. The company is reported to own over […]