MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake

December 10, 2020
The Last Cryptocurency
CoinDesk Feed
CoinDesk Feed

Dec 10, 2020 at 7:21 p.m. UTCUpdated Dec 10, 2020 at 7:34 p.m. UTC

MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake

Massachusetts Mutual Life Insurance Co. is jumping into the institutional bitcoin game with a $100 million investment in bitcoin and a $5 million equity stake in New York Digital Investments Group (NYDIG).

The twin plays – both revealed in a Thursday press release – give MassMutual direct exposure to the cryptocurrency’s price swings and signal it’s betting that other big fish will follow suit. NYDIG is one of the fastest-growing institutional crypto shops; it provided MassMutual with the $100 million buy.

A NYDIG spokesperson did not immediately respond to a request for comment.

This story will be updated.

Aug 14, 2020 at 15:00 UTCUpdated Aug 14, 2020 at 15:10 UTCCrypto payments startup Wyre is offering white-labeled savings accounts that dole out interest on crypto, the company announced Friday. Wyre’s client list includes startups like crypto custody firm Casa, wallet provider BRD and traditional enterprises like banks. “Partners of Wyre are able to offer…

Crypto for Advisors: Bitcoin’s 4th Halving Is Approaching

Roughly every four years, the creation of bitcoin reduces by 50% during what's known as the halving. Bitcoin's fourth halving is on the horizon, set to occur in late April. What implications could reduced production have on the market value of the asset? Haan Palcu-Chang from Purpose Investments provides his perspective on this event and

Quione Looks to Boost Crypto Liquidity With New Trading Platform

Cryptocurrency exchange startup Quione has launched a new trading platform that it says will bring much needed liquidity to the crypto markets. Called Liquid, the new service is a cryptocurrency trading "portal" that provides users with access to what it claims in a press release is "a worldwide network of cryptocurrency exchanges." With a lack of liquidity…

QCP Capital, SBI Alpha Execute First Uncleared Crypto Options Trade Using Bitcoin as Collateral

Singapore-based QCP Capital and Japan-based SBI Alpha Trading on Thursday said they executed a crypto options trade without involving a clearing house, the first such transaction in the digital asset industry.The so-called uncleared trade negotiated directly between QCP and SBI Alpha used bitcoin (BTC) as collateral and was executed on Clear Market, a U.K.-based regulated…

Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg

Bitcoin’s 30% price correction was enough to give some CFOs second thoughts.Jan 17, 2021 at 7:19 p.m. UTCBitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: BloombergWall Street chief financial officers (CFO) are more wary of putting company funds into bitcoin after last week’s 30% price plunge, Bloomberg reports.Publicly traded companies such as MicroStrategy…

Mysterious $1.2M Bitcoin Transaction to Satoshi Nakamoto Sparks Speculations

A crypto user sent Friday $1.2 million in BTC to Bitcoin creator Satoshi Nakamoto's genesis wallet days after the 15-year anniversary of the network.The transaction bewildered crypto enthusiasts, with some speculating about a spot bitcoin ETF marketing stunt or pressure to reveal Nakamoto's identity due to tax rules.An unusually large bitcoin (BTC) payout on Friday

Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork

Aug 7, 2020 at 12:46 UTCUpdated Aug 7, 2020 at 13:02 UTCFixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard ForkMost of us will be dead by then. Projected to happen in the year 2106, Bitcoin will suddenly stop running based on the code its network of users is running today. Users won’t be able…

TON Developers, Investors Back Telegram in SEC Fight

Feb 14, 2020 at 17:20 UTCUndeterred by the U.S. Securities and Exchange Commission (SEC)’s lawsuit against Telegram, developers and investors in the company’s blockchain project have formed a nonprofit for community governance.One of the TON Community Foundation’s first actions was to defend Telegram in the case, filing a friend of the court brief Friday in…

Upcoming High-Level EU Financial Policy Talks Could Steer Crypto Oversight: Source

An informal document shared between EU officials indicate its Financial Services Committee will discuss digital finance – including crypto – at an upcoming April meeting.These talks could influence future policy and rules for crypto and a potential digital euro.Top European officials are getting ready to enter talks in April that industry insiders say could steer

MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake

Share this: