Theodore (Ted) Mathas, Chairman and CEO of New York Life Insurance Company, joins the New York Digital Investment Group (NYDIG) 's Board of Directors.
NYDIG announced the move on Twitter, saying:
"We're excited to share that Ted Mathas, Chairman and CEO of @NewYorkLife, has been appointed to the NYDIG Board of Directors. His knowledge and experience will help strengthen our Board significantly as we expand institutional access to Bitcoin."
Alex Gladstein, chief strategy officer for the Human Rights Foundation and blockchain advisor, noted Mathas' addition on Twitter.
“Remarkable that the chairman and CEO of the third-largest life insurance company in the US -- a venerated 175-year-old institution with more than $500 billion AUM and 10k+ employees -- is joining the board of an organization that is focused on helping institutions adopt Bitcoin.”
Mathas' A Stalwart In The Life Insurance Industry
The New York Life Insurance Company is a 175-year-old institution and is currently the USA's largest mutual life insurer with over $700 billion in assets under management. Mathas has been a director of New York Life since 2006, becoming CEO in 2008 and Chairman the following year.
He also serves as the Chairman of the American Council of Life Insurers (ACLI). The ACLI represents 280 member companies representing 95% of the life insurance industry in the United States with more than $7 trillion in assets.
Mathas said in a statement that he is excited to be joining NYDIG's board at such a pivotal time for the firm as the Bitcoin ecosystem continues to mature and expand.
Mathas' Addition Crucial To NYDIG's Growth
NYDIG is currently focussing on helping institutions integrate bitcoin into their businesses in a simple, secure, and efficient manner. Mathas' expertise will offer an advantage as NYDIG is looking at scaling its Platform Solutions business to enable a bitcoin-enabled marketplace for annuity and life insurance products.
Ross Stevens, Founder and Executive Chairman of NYDIG said,
"Ted has been a colleague and partner for years. His incredible, and ongoing, track record of innovation and stewardship at New York Life cements his earned reputation as a peerless insurance-industry CEO, forecasting his tremendous future contributions to NYDIG. I know that Ted shares our aspirational vision for the kind of positive impact on society that NYDIG can have in the decades to come. I join the entire team at NYDIG in enthusiastically welcoming Ted to the NYDIG board."
What Is NYDIG And What Have They Been Up To?
NYDIG provides Bitcoin investment and technology solutions to insurers, banks, corporations, institutions, and HNW individuals and meets the industry’s regulation, audit, and governance standards.
They recently announced that it raised $200 million in a growth capital round. New York Life was among the participants, along with Morgan Stanley, Soros Fund Management, and round leader Stone Ridge Holdings Group, NYDIG's parent company. Mathas' appointment follows Square Capital Lead executive Jacqueline Reses. Michael Saylor, CEO of MicroStrategy and one of the biggest voices for Bitcoin adoption, applauded the move on Twitter:
“Institutional funds are now flowing into #Bitcoin at an accelerated rate via private equity, public equity, public debt, direct purchases of the commodity, & commodity futures. Insurance firms have crossed $1 billion in exposure with @NYDIG_BTC.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.