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US insurance giant MassMutual has partnered with NYDIG to grant institutional investors access to a Bitcoin fund.
The Massachusetts Mutual Life Insurance Company has doubled down on its BTC endeavors through a partnership with New York Digital Investment Group. Both parties aim to enable institutional clients of the insurance behemoth to receive BTC exposure.
According to the announcement dated August 11th, the insurance broker, founded a decade and a half ago, has entered into a “placement agent agreement” with NYDIG. Through its broker-dealer, MML Investors Services (MMLIS), MassMutual will offer qualified customers access to a Bitcoin fund, providing “an alternative and efficient way to invest” in the primary cryptocurrency. Daken Vanderburg, Head of Investments at MMLIS, said: “As MassMutual explores ways to integrate cryptocurrency into different areas of its business, MMLIS saw a growing demand from our financial professionals and their clients to gain bitcoin exposure”. Vanderburg added that this is just “another step” for the company on its way to place the cryptocurrency on its “product shelf with the goal of ensuring our financial professionals and clients have the tools they need to continue to build broadly diversified portfolios.”
Robert Gutmann, co-founder and CEO of NYDIG, praised the insurance company’s efforts as it continues to “innovate and lead the pack when it comes to Bitcoin.” It’s worth noting that this is not the first joint venture between the two companies, as MassMutual made an equity investment in NYDIG last year. It came right around the time when the firm, headquartered in Springfield, Massachusetts, announced it had bought $100 million worth of BTC.