© Reuters. MassMutual Partners with NYDIG to Provide Bitcoin to Institutions
Massachusetts Mutual Life Insurance Company has doubled its efforts with through a partnership with the New York Digital Investment Group. Both parties aim to allow the insurance giant’s institutional clients to receive exposure to the cryptocurrency.
According to the August 11 announcement, the insurance brokerage, founded a decade and a half ago, has entered into a “placement agent agreement” with NYDIG.
Through its broker, MML Investors Services (MMLIS), MassMutual will offer qualified clients access to a fund, providing “an alternative and efficient way to invest” in the cryptocurrency.
“As MassMutual explores ways to integrate cryptocurrency into different areas of its business, MMLIS has seen a growing demand from our finance professionals and their clients to gain exposure in .” – commented Daken Vanderburg – Head of Investments at MMLIS.
Vanderburg added that this is just “another step” for the company on its way to putting cryptocurrency on its “product shelf with the goal of ensuring that our financial professionals and clients have the tools they need to continue to build broad portfolios diversified.”
Robert Gutmann, co-founder and CEO of NYDIG, praised the insurer’s efforts as it continues to “innovate and lead the market when it comes to Bitcoin.”
It is important to note that this is not the first joint venture between the two companies, as MassMutual made an equity investment in NYDIG last year.
It happened just as the Springfield, Massachusetts-based company announced it had purchased $100 million in BTC.
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