Tabit Insurance secures $40m facility capitalized entirely in Bitcoin

Tabit Insurance, a company based in barbados with insurance solutions for the digital asset industry, has raised 40 million dollars in an establishment capitalized in Bitcoin.

The company said in a press release that the capitalization of the insurance installation of $ 40 million in Bitcoin (BTC) was “an industry first”, with the auditors and regulators of the company capable of verifying real -time financing.

According to Tabit, Bitcoin offers greater transparency, in particular for the insurance sector, the digital asset also key to exploring the alternative financing channels of companies.

The company will hold all the capital raised in BTC. However, insurance policies and premiums will remain denominated in US dollars.

William Shihara, co-founder of Tabit, said in a statement that the decision to support a capitalization effort entirely in Bitcoin underlines the trust of tabit in the new payment option. He also affirms the support of the company to his partners.

“By combining the traditional balance of balance sheet with carefully chosen assets such as Bitcoin, we are able to remain reactive in market quarters and better serve the insurance community. This solution offers a return to regulated dollars that we are delighted to win on an alternative asset class such as Bitcoin, “added Shihara.

Incorporated into the barbados, Tabit is authorized as class 2 assurer by the Financial Services Commission. The company, operating as a separate cell company, does not only offer liability policies supported by BTC – it offers dollar yields to BTC holders.

Bitcoin allows the company a path to a widely unexploited ecosystem in the insurance space, said Stephen Stonberg. The co-founder and chief executive officer of Tabit is a former executive officer of Binance and Bittrex, who also worked at JP Morgan, Deutsche Bank and Credit Switzerland Asset Management.

“We are impatient to move the insurance sector in the future by demonstrating what is possible by allowing an insurer to access a largely new and unexploited source of insurance capital: digital assets,” he noted.