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Regardless of the reality that insurance services have been used for over a thousand years worldwide, in emerging nations like Nigeria, their penetration is still quite low. This study examined the effect of digital currency technology on insurance penetration in Nigeria. The study utilized both cross-sectional and survey research designs. The study’s population consisted of 504 persons (56 insurance companies x 9 managerial staff). Using Krejcie and Morgan's (1970) sample size chart, the sample size of 226 was increased by 40% to 316. A selfadministered questionnaire was used to solicit responses from the respondents employing a multistage sampling technique. The study used Pearson Product Moment Correlation and Simple Linear Regression Analyses to test the hypothesized relationship. The study found that digital currency technology has a positive and insignificant effect on insurance penetration in Nigeria. The study recommended that in order to benefit from this digital currency technology, insurance companies in Nigeria would also need to supply the necessary technological infrastructure, such as a lack of internet access.