Tabit Insurance has announced the launch of Bitcoin-backed insurance. The company holds a $40 million reserve in Bitcoin, promising to change the approach to insurance in the digital era.
What is Bitcoin Insurance and Why it Matters
Tabit has become the first licensed insurer to hold reserves entirely in Bitcoin. This allows them to position themselves for the future of finance and demonstrate confidence in cryptocurrency. Additionally, Tabit offers Bitcoin holders the opportunity to earn yields, fostering synergy between insurance and the crypto community.
Tabit Insurance Reserves: A Pioneer’s Honor
Founded by former Bittrex executives, Tabit is regulated in Barbados and holds a Class 2 license from the Barbados Financial Services Commission. They have implemented Fireblocks technology for non-custodial asset management, enhancing security.
Benefits of Bitcoin-Backed Insurance
Bitcoin-backed insurance offers asset diversification, access to crypto markets, and potential cost reduction through blockchain technology. This could lead to increased adoption of cryptocurrencies in mainstream finance.
The launch of Bitcoin-backed insurance by Tabit is an innovative step that may transform the insurance industry and integrate cryptocurrency into traditional finance.
