Odaily News Tabit Insurance, an insurance company founded by former Bittrex executives, has completed the fundraising of $40 million in reserves, which are composed of Bitcoin and will be used to carry out traditional insurance and reinsurance business. It is reported that Tabit Insurance mainly provides liability insurance supported by Bitcoin. It is also a regulated risk underwriting institution that relies on Bitcoin reserves to formulate traditional insurance denominated in US dollars. The company has a Class 2 insurance license issued by the Barbados Financial Services Commission. (CoinDesk)