Leading American insurance company, Massachusetts Mutual Life Insurance Company (MassMutual), has increased its involvement in the crypto industry via a new partnership with crypto custodian, New York Digital Investment Group (NYDIG).
In an official announcement, MassMutual noted that its broker-dealer, MML Investors Services (MMLIS)will be collaborating with NYDIG to create a Bitcoin Fund for its clients.
The company noted that eligible clients will be granted access to the Fund, which gives them “an alternative and efficient way to invest in bitcoin”, with assistance from financial professionals at MMLIS.
Speaking on the initiative, Daken Vanderburg, the 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. This offering with NYDIG is yet another step to continue to expand our product shelf with the goal of ensuring our financial professionals and clients have the tools they need to continue to build broadly diversified portfolios.”
NYDIG’s co-founder and CEO, Robert Gutmann, also expressed the company’s excitement to work with MassMutual, noting that the insurance giant has managed to always “innovate and lead the pack when it comes to Bitcoin.”
He added,
“MMLIS is one of the largest wealth management firms in the country. We are excited to partner with the MMLIS team to provide its financial professionals and investors with access to bitcoin exposure.”
Not a Newbie in The Space
This is not the first time that MassMutual has made a move within the crypto space. The company has been a firm believer in the potential of cryptocurrencies, especially bitcoin.
Interestingly, this recent partnership with NYDIG is also not the first of its kind for MassMutual as the company has had several other joint ventures with NYDIG.
Last year, MassMutual acquired a minority stake in the digital assets company and added a whopping $100 million worth of bitcoin to its portfolio.
