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US insurer jumps on the BTC train

by Margharet Tess
December 16, 2021
in Cryptheory News
Reading Time: 2 mins read

 

US insurer Lemonade apparently keeps BTC on its balance sheet. But where does the investment come from?

When it comes to companies that are associated with the number 1 cryptocurrency, BTC, the majority probably thinks of the spectacular purchases from Tesla, MicroStrategy, Square and Co. Now the elite circle of institutional BTC hodlers is said to have expanded . Like YouTuber Anthony Pompliano, among others reported, said to be the US insurer Lemonade Have $ 1 million BTC on their balance sheet. “Pomp” refers to a tweet by Matt Walsh from Castle Island Ventures. He said: “Looks like $ LMND has jumped on the BTC balance train.” In addition, he added a screenshot from an SEC document. It says:

In the nine months ended September 30, 2021, the company acquired $ 1 million in total digital assets that were comprised entirely of BTC.

SEC Form S-4, lemonade

From the excerpt, many interpreted that Lemonade had bought BTC itself. However, this is incorrect because that Original document refers to Metromile. It’s a San Francisco-based tech start-up that offers customers auto insurance by the mile. In August, the young company invested one million US dollars in the digital store of value. Lemonade took over the car insurer at the beginning of November and thus keeps BTC on its balance sheet.

Insurance in the BTC fever?

The example shows that BTC is also becoming an increasingly popular investment object with insurers MassMutual. Almost a year ago, the US life insurer entered the crypto stage with media coverage. On the one hand, with a minority stake of $ 5 million NYDIG, a subsidiary of the investment giant Stoneridge, which provides BTC services to institutional clients. On the other hand, with a direct investment of 100 million US dollars in BTC.

While US insurers are gradually jumping on the BTC bandwagon, Germany is even more cautious. the MunichRE, one of the largest reinsurers in the world described investments in cryptocurrencies as “speculative” at the end of April this year. At the annual general meeting, however, an investment of 3.3 million US dollars in the digital assets was revealed. A company spokesman told BTC-ECHO at the time that they hold private equity funds whose investment regulations allow up to 10 percent of the investment volume to be invested in cryptocurrencies.

Women are beginning to play an increasingly important role in cryptoindustry

  • Author
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Margharet Tess
Margharet Tess
Editor, Developer at Cryptheory Labs
I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com
Margharet Tess
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