Tabit Insurance, a Barbados-based insurance company, announced it had raised $40 million in Bitcoin for an insurance fund, marking a significant event in the digital assets industry.
Bitcoin Financing: A First Step
Tabit Insurance became the first in the industry to raise $40 million for an insurance fund in Bitcoin. This decision allows auditors and regulators to verify the financing in real-time.
Transparency and Market Response
According to the company, Bitcoin provides greater transparency, especially for the insurance business, aiding in the exploration of alternative funding channels. All funds raised will be held in Bitcoin, while insurance policies and premiums will remain denominated in US dollars.
Tabit Insurance's Strategy and Future
Incorporated as a class 2 insurer by the Financial Services Commission of Barbados, Tabit offers not just BTC-backed liability policies but also dollar returns to BTC holders. Bitcoin provides the company a gateway into an ecosystem yet largely untapped in the insurance space.
The introduction of Bitcoin into the insurance sphere by Tabit Insurance is a significant step in integrating digital assets with traditional financial instruments.
