For the first time, Goldman Sachs included cryptocurrency within its annual survey of over 300 CIOs and CFOs in the insurance sector. Collectively, the executives account for nearly $13 trillion of the global insurance industry. Of those, 6% were invested or were considering investing, in cryptocurrencies.

“Sure, on the one hand, 6% is a relatively small number, but that’s still executives from twenty of the world’s largest insurers that are active, to some degree, in the industry. Particularly given the recent downturn, that’s notable,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“The respondents represent nearly half of the global market, so it is certainly a representative sample. And, when you think of cutting edge, insurance isn’t typically the first industry that comes to mind. That’s proof digital assets are moving further and further into the mainstream, into the most traditionally conservative segments of traditional finance,” said Gardner.

“There are a couple of angles here. First, there’s the question of denominating policies in cryptocurrencies. Then, there’s the ability to accept cryptocurrency for payments. Countries like El Salvador have begun to accept Bitcoin as a national currency. Most recently, the CAR. I think that insurance companies are measuring the risk-reward. And, if more countries begin to accept Bitcoin as legal tender, they’re going to want the opportunity to participate,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“The other piece of this is that beginning to accept and interact with Bitcoin and other cryptocurrencies is a soft launch for participating in economies which utilize CBDCs. I think there’s a near certainty that some countries will begin releasing their own digital currencies in the near-term. Building the infrastructure necessary to accept cryptocurrencies is a step towards getting familiar with looming CBDCs,” said Gardner. “All in all, I think this survey is a sign, showing just how pervasive digital assets are, immersing themselves in ways that many wouldn’t have anticipated, even just a few short years ago.”