Bitcoin life insurance firm Meanwhile raised $40 million in Series A financing, building off $20.5 million in prior seed financing to continue expanding its bitcoin-denominated life insurance offerings.
Venture capital firms Framework Ventures and Fulgur Ventures co-led the round, with additional support from Wences Casares, former CEO of the crypto-friendly digital bank Xapo, according to a Thursday post on the social media platform X.
Based in Bermuda, Meanwhile offers a "BTC Whole Life" insurance product, which is a "whole life" insurance plan based in bitcoin. A whole life insurance policy covers an individual's entire life until death and builds cash value over time as long as the policy's premiums are continually paid.
BTC Whole life offers tax-advantaged growth and a guaranteed payout for the insured individual's chosen beneficiaries, according to Meanwhile's website, which adds that bitcoin undergirds the BTC Whole Life insurance product's premiums, payout and loans.
"Our mission is to bring fundamental financial services — like life insurance and annuities — to this new economy," Meanwhile CEO Zac Townsend said in a statement. "People living in regions experiencing high inflation or currency instability can significantly benefit from insurance policies that preserve their wealth and purchasing power. Even in the United States, the dollar has lost about 25% of its value over the past five years, highlighting the universal need for inflation-proof financial products."
Meanwhile is regulated by the Bermuda Monetary Authority. In June 2023, it raised $19 million across two rounds, with participation from OpenAI CEO Sam Altman, to help it gain the necessary licensure to get Bermuda Monetary Authority regulation.
Meanwhile also sought to raise $100 million to create the Meanwhile BTC Private Credit Fund, a bitcoin private credit fund that would give the firm's institutional investors exposure to bitcoin as well as a 5% bitcoin-denominated yield, which Meanwhile would procure from lending BTC to borrowers, The Block previously reported.
As of publication time, bitcoin was trading at $78,688, up 1.45% in the past 24 hours, according to The Block's bitcoin price page.
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