The Barbados-based insurance company has $40 million in Bitcoin capital, but its traditional insurance policies are priced in US dollars.
Barbados-based insurer Tabit has raised $40 million in Bitcoin for its insurance facility, in a move the company said would bolster its balance sheet and allow the insurance sector to capitalize on digital assets.
Tabit’s Bitcoin (BTC) regulatory capital will be used to back traditional insurance policies, which are all denominated in US dollars, the company disclosed in a March 24 announcement.
Tabit claims to be the first property and casualty insurer to hold its entire regulatory reserve in BTC. The company was founded by former executives of Bittrex, a Liechtenstein-based cryptocurrency exchange that was shuttered in 2023.
