US-listed company Reliance Global will invest a total of $120 million in cryptocurrency in phases.

ChainCatcher news, according to Globenewswire, insurtech company Reliance Global Group, Inc. (NASDAQ: RELI) announced that its board of directors has approved its strategic expansion into the digital asset and blockchain sectors.

As part of this plan, the company intends to build a diversified investment portfolio that includes cryptocurrencies such as bitcoin, ethereum, and solana. According to the company’s new digital asset funding strategy, it plans to purchase up to $60,000,000 worth of digital assets in the first phase, followed by an additional purchase of up to $60,000,000, totaling up to $120,000,000. These assets will be managed by the company’s newly established Cryptocurrency Advisory Board and will be subject to market and other conditions. In addition, Reliance is exploring opportunities to tokenize insurance-related assets.