Bitcoin News and Finance
Soros Fund, New York Life, Morgan Stanley Among Investors of $200 Million in Bitcoin Investment Firm Skip to main content

Soros Fund, New York Life, Morgan Stanley Among Investors of $200 Million in Bitcoin Investment Firm

Soros Fund, New York Life, Morgan Stanley Among Investors of $200 Million in Bitcoin Investment Firm

Soros Fund Management, New York Life, and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners to invest in bitcoin-focused investment company NYDIG. They will collaborate on a range of bitcoin-related strategic initiatives, and expect to launch “an explosion of innovation in bitcoin products and services.”

Major Companies Want Bitcoin Exposure

Major corporations and investment heavyweights have invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for bitcoin, the group announced Monday. According to the announcement:

A $200 million growth capital round [was] led by strategic partners Stone Ridge Holdings Group, Morgan Stanley, New York Life, Massmutual, Soros Fund Management, and FS Investments.

In addition, Bessemer Venture Partners and Fintech Collective, which led the two prior funding rounds for NYDIG, were also significant participants.

Soros Fund Management is chaired by George Soros, one of history’s more successful financiers. New York Life Insurance Company is the third-largest life insurance company in the U.S. and the largest mutual life insurance company in the country.

Robert Gutmann, the CEO of NYDIG, explained that “The firms participating in this round are more than investors – they are partners, each well known to us for years.” He elaborated:

NYDIG will be working with these firms on bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy. These partnerships leave no doubt that institutional adoption of bitcoin has arrived.

He added that “In the months and quarters ahead,” NYDIG is expected to announce “an explosion of innovation in bitcoin products and services” in partnership with the new investors.

Emphasizing the “accelerating institutional bitcoin adoption,” the group further announced Monday:

Life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure facilitated exclusively by NYDIG.

NYDIG is part of Stone Ridge Asset Management, which recently filed with the U.S. Securities and Exchange Commission (SEC) for one of its open-end mutual funds to invest in bitcoin. Stone Ridge founder who also founded NYDIG, Ross Stevens, said in February that “you’re just going to see a wall of money” coming into bitcoin.

What do you think about investment heavyweights investing in the bitcoin firm? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory