Meanwhile, a life insurance company that uses bitcoin, has accumulated $19 million through two seed funding rounds. The first round was led by Openai CEO Sam Altman and former Stripe executive Lachy Groom, while Google’s Gradient Ventures took charge of the second round.
Crypto Startup Meanwhile Gains $19 Million for Bitcoin Life Insurance Endeavor
The Bermuda-registered bitcoin life insurance startup Meanwhile announced its successful procurement of $19 million in two seed rounds. The company aims to provide an AI-focused insurance policy denominated in the prominent cryptocurrency, bitcoin (BTC). The firm’s web portal discloses that policies are available for people who sign up for the waitlist. “We’ll notify you about your position in the queue,” Meanwhile’s website says.
Licensed by the Bermuda Monetary Authority, Meanwhile is initially targeting bitcoin holders residing in the United States. The newly acquired funds will be allocated to establish a development team. Meanwhile’s co-founder and CEO, Zac Townsend, asserts that “bitcoin is on track to become a global store of value and functional currency.”
Lachy Groom, the former Stripe executive, Openai CEO Sam Altman, and Gradient Ventures spearheaded the two funding rounds with additional investors such as Muoro Capital (Santander), MS&AD, and Hudson Structured Capital Management. Angel investors participating in the rounds include Sam Blond of Founders Fund, Lauren Kolodny of Acrew, Marc Bhavaga of General Catalyst, Parker Conrad, Dylan Field, and Nick Schrock.
The announcement also disclosed 6th Man Ventures made an investment in Meanwhile. Anna Patterson, managing partner at Gradient Ventures, commented that Meanwhile is “sitting at the confluence of the AI and digital assets transformation.” She expressed belief in the company’s potential to revolutionize consumer usage of digital currencies and establish new benchmarks for tech-driven life insurance providers.
Townsend argued that for long-term BTC holders, it “makes perfect sense” to express interest in a BTC-denominated insurance policy. He said he envisions the potential for Meanwhile to evolve into a comprehensive life insurance firm with ambitions to reach over one billion people worldwide. According to Townsend, bitcoin stands as one of the most significant “innovations in money in the last century.”
Traditional investments associated with bitcoin have gained prominence, and a BTC-denominated life insurance policy aligns with pursuits like BTC retirement plans and the capability to utilize BTC for mortgages. The insurance startup says the goal is to facilitate wealth transfer to future generations without imposing a tax burden. Meanwhile advocates its approach as a “thoughtful method of generational wealth transfer.”
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