Bitcoin is gaining supporters, as another large company recently invested in the cryptocurrency. Massachusetts Mutual Life Insurance Company (MassMutual) has purchased Bitcoin worth $100 million, news.Bitcoin.com reports. Apart from its Bitcoin purchase, MassMutual also reported an equity investment of $5 million into a blockchain company Nydig.
According to the source, the investments of the company are currently on Nydig’s platform. Nydig is a financial services company specializing in delivering solutions for banks, institutions, and private clients focused on Bitcoin. The insurance provider believes that this step will be of long-term value to its clients.
MassMutual is a large insurance company that has been operating for more than 160 years. It provides a variety of insurance services such as life insurance, disability, long-term care coverage, and workplace benefits. As a mutual company, the firm does not have shareholders but is owned by its members and policyholders.
The insurance provider is not the first company to recognize the potential of Bitcoin and make an investment. Just recently, a Canadian public company Cypherpunk Holdings increased its investments in the abovementioned cryptocurrency to reach 276.479BTC. The price of Bitcoin has been fluctuating in high numbers in the past several weeks, with the coin reaching a high at the end of November. As a result, it is possible to see more large investors acquiring the cryptocurrency.