US-listed company Reliance Global will gradually invest a total of $120 million to purchase cryptocurrency.

BlockBeats News, September 16th, Insurtech company Reliance Global Group, Inc. (Nasdaq stock symbol: RELI) announced that its board of directors has approved its strategic expansion into the digital assets and blockchain space. As part of this initiative, the company plans to build a diversified investment portfolio that includes cryptocurrencies such as Bitcoin, Ethereum, and Solana.

Under the company's new digital asset fund strategy, it plans to initially acquire up to $60 million in digital assets in the first phase, followed by an additional $60 million, totaling up to $120 million. These assets will be managed by the company's newly formed cryptocurrency advisory board and will be subject to market and other conditions. Additionally, Reliance is exploring opportunities to tokenize insurance-related assets. (Globenewswire)