Tabit Insurance Secures $40 Million Bitcoin Reserve for Traditional Policies
Tabit Insurance, a Barbados-regulated company founded by former executives of Bittrex, has raised $40 million in bitcoin reserves to underwrite traditional insurance and reinsurance policies. Key points include:
- The firm aims to offer bitcoin-backed liability policies for directors and officers.
- It is the first regulated insurer to use bitcoin-only reserves for USD-priced policies.
- Tabit holds a class 2 insurance license from the Barbados Financial Services Commission.
- Bitcoin holders can contribute assets to earn yields around 10% through segregated reserve cells managed by Fireblocks.
- Co-founder Stephen Stonberg emphasizes the potential for innovation in the insurance sector using bitcoin as regulatory capital.
This model allows firms and individuals to benefit from their bitcoin holdings without engaging in trading or facing counterparty risks.