Loading cryptocurrency prices...

Startup Meanwhile Secures $40M to Launch Bitcoin-Denominated Insurance

Bitcoin Life Insurance Startup Meanwhile Secures $40M Series A for Global Expansion

  • Bitcoin life insurance startup Meanwhile raised $40 million in Series A funding led by Framework and Fulgur Ventures.
  • The company offers insurance policies with premiums and benefits denominated in bitcoin to protect against inflation and currency devaluation.
  • Meanwhile plans to use the capital for global expansion, particularly targeting regions with currency instability concerns.

Bitcoin life insurance startup Meanwhile has secured $40 million in Series A funding, according to CEO Zac Townsend, who announced the development on Thursday in an X post. The investment round was led by venture capital firms Framework and Fulgur Ventures, with early Bitcoin advocate Wences Casares also participating.

- Advertisement -

Unlike conventional life insurance that pays out in fiat currencies, Meanwhile’s innovative approach maintains both premiums and benefits in bitcoin. This strategy aims to shield policyholders from inflation and currency devaluation, particularly valuable in regions where local currencies frequently lose value. However, policyholders also assume the inherent price volatility associated with bitcoin.

Global Expansion Plans

Townsend indicated that the company will use the fresh capital to accelerate its global rollout, with a focus on regions plagued by inflation and currency instability. “This round gives us significant capital to power our journey of building the world’s largest long-term insurance and savings company,” he stated in the announcement. The company did not disclose its current valuation or specific markets it plans to enter next.

Meanwhile’s business model could bring particular benefits to customers in countries experiencing economic turbulence, as bitcoin-denominated policies could help preserve purchasing power for future payouts. This approach represents a significant deviation from traditional insurance models tied to national currencies.

- Advertisement -

Building on Previous Success

This Series A round follows a previous $20 million investment from a diverse group of backers, including Sam Altman, CEO of Artificial Intelligence company OpenAI, and Google’s AI-focused fund Gradient Ventures.

Meanwhile reached a significant milestone last year when it secured a digital life insurer license in Bermuda, establishing the regulatory foundation necessary for its operations. This latest funding round strengthens the company’s position as it seeks to redefine the insurance sector through bitcoin-denominated policies.

The startup enters a market where traditional insurance is facing disruption from various technological innovations, with Meanwhile specifically targeting the intersection of cryptocurrency adoption and long-term financial planning.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

Bitcoin rebounds modestly as whales accumulate, stable market seen

Bitcoin’s recent rise above $114,000 is a cautious reset rather than a major breakout.About...

Zelle Launches Cross-Border Payments Using Stablecoin Tech

Zelle is launching a new cross-border payment service powered by stablecoins.The service will be...

US-China Trade Deal, CZ Pardon, Kyrgyzstan Launches Stablecoin

Scott Bessent, U.S. Treasury Secretary, announced progress on a trade deal framework between the...

North Korea Steals $2.84B in Crypto Amid Growing Cyber Threats

North Korea has stolen $2.84 billion in cryptocurrency during 2024.The country runs a large,...

US-China Trade Deal Progress Sparks Crypto Market Rally

The US and China have made significant progress on a trade deal framework.The deal...
- Advertisement -

Must Read

Top 5 Testing Tools For Blockchain Applications in 2022

Blockchain apps have been adopted popularly by some prominent industries due to its being a decentralized-designed technology. Furthermore, these apps eliminate the risks that...