Reliance Global, a listed US stock company, will invest a total of US$120 million in phases to buy cryptocurrencies

PANews September 16th news, according to Globenewswire, insurance technology company Reliance Global Group, Inc. (NASDAQ: RELI) announced that its board of directors has approved its strategic expansion into the digital assets and blockchain sectors. As part of the plan, the company plans to build a diversified portfolio that includes cryptocurrencies such as Bitcoin, Ethereum and Solana. Under the company's new digital asset funding strategy, the company plans to purchase up to $60 million in digital assets in the first phase, followed by up to $60 million, totaling up to $120 million, which will be managed by the company's newly formed cryptocurrency advisory committee and subject to market and other conditions. In addition, Reliance is exploring opportunities to tokenize insurance-related assets.