Tabit Insurance SCC has announced the capitalization of a $40 million insurance facility, funded entirely in Bitcoin, according to a press release sent to Bitcoin Magazine. This marks the first time a property and casualty (P&C) insurer has held all of its regulatory reserves in BTC while continuing to denominate its insurance policies and premiums in U.S. dollars. The company expressed the benefits of its funding approach, allowing regulators and auditors to verify reserves in real time.

According to Tabit, its use of BTC as capital is intended to provide an alternative source of capacity for the insurance industry. The company operates as a segregated cell company, which allows for…

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