The US-listed company Reliance Global will invest a total of $120 million in cryptocurrency in phases

ChainCatcher news, according to Globenewswire, the insurtech company Reliance Global Group, Inc. (NASDAQ: RELI) announced that its board has approved its strategic expansion into the digital asset and blockchain space.

As part of this plan, the company intends to build a diversified portfolio that includes cryptocurrencies such as Bitcoin, Ethereum, and Solana. Under the company's new digital asset fund strategy, it plans to purchase up to $60,000,000 in digital assets in the first phase, followed by an additional purchase of up to $60,000,000, totaling up to $120,000,000. These assets will be managed by the company's newly established cryptocurrency advisory committee and will be subject to market and other conditions.

Additionally, Reliance is exploring opportunities to tokenize insurance-related assets.