According to ChainCatcher, Tabit Insurance, founded by former Bittrex executives, has raised $40 million in reserve funds, which are composed of Bit, to conduct traditional insurance and reinsurance businesses.
It is reported that Tabit Insurance primarily provides liability insurance supported by Bit and is a regulated risk underwriting institution that relies on Bit reserves to develop traditional insurance priced in US dollars. The company holds a Level 2 insurance license issued by the Barbados Financial Services Commission.