PANews reported on March 24 that according to CoinDesk, Tabit Insurance, a Barbados-regulated insurance company, has raised $40 million in insurance funds, all backed by Bitcoin, to carry out traditional insurance and reinsurance business. The insurance company was founded by former executives of the now-closed cryptocurrency exchange Bittrex and plans to provide company directors and officers liability insurance (D&O) backed by Bitcoin and priced in US dollars. The insurance company was established in January this year and has a Class II insurance license issued by the Barbados Financial Services Commission.