Javier Hernandez A startup specializing in life insurance with a unique twist involving bitcoin has successfully secured $19 million in funding through two seed rounds. The initial round was spearheaded by Sam Altman, CEO of OpenAI, and Lachy Groom, a former executive at Stripe. The second round was led by Gradient Ventures, an arm of Google.
Crypto Startup Meanwhile Secures $19 Million for Bitcoin Life Insurance Venture
Meanwhile, a bitcoin life insurance startup registered in Bermuda, recently announced the successful completion of two seed funding rounds, amassing a total of $19 million. The company’s primary objective is to offer insurance policies with a focus on artificial intelligence (AI), denominated in the popular cryptocurrency Bitcoin (BTC). Interested individuals can sign up for the waitlist on Meanwhile’s website, where they will be notified of their position in the queue.
Licensed by the Bermuda Monetary Authority, Meanwhile initially targets Bitcoin holders residing in the United States. The newly acquired funds will be utilized to establish a dedicated development team. Zac Townsend, the CEO and co-founder of Meanwhile, strongly believes that “Bitcoin is on its way to becoming a global store of value and functional currency.”
Leading the two funding rounds were Lachy Groom, former executive at Stripe, Sam Altman, CEO of OpenAI, and Gradient Ventures. Additional investors, including Muoro Capital (Santander), MS&AD, and Hudson Structured Capital Management, also participated. Notable angel investors involved in the rounds include Sam Blond from Founders Fund, Lauren Kolodny from Acrew, Marc Bhavaga from General Catalyst, Parker Conrad, Dylan Field, and Nick Schrock.
Furthermore, Meanwhile announced that 6th Man Ventures has made an investment in their company. Anna Patterson, managing partner at Gradient Ventures, expressed her belief in Meanwhile’s potential to revolutionize consumer usage of digital currencies and establish new benchmarks for technology-driven life insurance providers. She described the startup as “sitting at the intersection of AI and digital assets transformation.”
Townsend argued that a Bitcoin-denominated insurance policy would make perfect sense for long-term Bitcoin holders. He envisions Meanwhile evolving into a comprehensive life insurance firm, with ambitions to serve over one billion people worldwide. According to Townsend, Bitcoin represents one of the most significant “innovations in money in the last century.”
As traditional investment opportunities related to Bitcoin gain prominence, a life insurance policy denominated in BTC aligns with other Bitcoin-focused endeavors like retirement plans and the utilization of BTC for mortgages. Meanwhile’s objective is to facilitate the transfer of wealth to future generations without imposing a tax burden. They advocate their approach as a “thoughtful method of generational wealth transfer.”
We would love to hear your thoughts and opinions on the concept of a Bitcoin-denominated life insurance policy. Please share your comments and insights in the section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin life insurance
What is Bitcoin life insurance?
Bitcoin life insurance refers to insurance policies that are denominated in the cryptocurrency Bitcoin (BTC). These policies are specifically designed to cater to individuals who hold Bitcoin as a long-term investment and provide coverage based on AI-focused algorithms.
How does Bitcoin life insurance work?
Bitcoin life insurance works similarly to traditional life insurance policies, but with the key difference that the coverage and payout amounts are denominated in Bitcoin. The policyholders pay premiums in Bitcoin, and in the event of a covered loss, the payout is also made in Bitcoin.
Who is Meanwhile and what do they offer?
Meanwhile is a Bermuda-registered startup that specializes in providing Bitcoin life insurance. They offer insurance policies that utilize artificial intelligence (AI) algorithms and are denominated in Bitcoin. Their aim is to revolutionize the insurance industry by combining the advancements of technology with the growing popularity of cryptocurrencies.
Can anyone sign up for Bitcoin life insurance with Meanwhile?
Currently, Meanwhile is initially targeting Bitcoin holders residing in the United States. However, it is advisable to check their website or contact them directly to confirm their availability and eligibility criteria for signing up for their Bitcoin life insurance policies.
How much funding did Meanwhile secure for its venture?
Meanwhile has successfully raised a total of $19 million in two seed funding rounds. The funding was led by notable investors, including Sam Altman, CEO of OpenAI, and Gradient Ventures, an arm of Google. Other investors, such as Muoro Capital, MS&AD, and Hudson Structured Capital Management, also participated in the funding rounds.
What are the goals of Meanwhile?
Meanwhile aims to establish itself as a comprehensive life insurance firm that provides innovative policies denominated in Bitcoin. They have ambitions to reach over one billion people worldwide and facilitate the transfer of wealth to future generations through their thoughtful approach to generational wealth transfer.
Is Bitcoin-denominated life insurance a secure investment?
As with any investment, there are risks associated with Bitcoin-denominated life insurance. The volatility of cryptocurrencies, including Bitcoin, can affect the value of the policy and potential payouts. It is crucial to thoroughly understand the terms and conditions of the policy and assess the risks before making any investment decisions.
Can Bitcoin life insurance be used as a tax planning strategy?
One of the advantages of Bitcoin-denominated life insurance, as advocated by Meanwhile, is the potential to facilitate wealth transfer to future generations without imposing a tax burden. However, tax regulations and implications can vary depending on the jurisdiction and individual circumstances. It is advisable to consult with a tax professional to understand the specific tax planning aspects related to Bitcoin life insurance policies.
More about Bitcoin life insurance
- Meanwhile
- OpenAI
- Gradient Ventures
- Bermuda Monetary Authority
- Bitcoin
- Stripe
- Muoro Capital
- MS&AD
- Hudson Structured Capital Management
- Founders Fund
- Acrew
- General Catalyst
- 6th Man Ventures
5 comments
Wow, this Bitcoin life insurance thing sounds pretty cool! Can you believe they raised $19M? That’s like a lot of money, man. I’m curious to see if it really takes off.
BTC-denominated insurance policies? Sign me up, dude! This is a game-changer for long-term Bitcoin holders like myself. Finally, a way to protect our assets in a digital world. Exciting times ahead!
Interesting concept, but I wonder how practical it will be in the long run. Digital currencies are still quite volatile, and insurance needs stability. Let’s see if Meanwhile can navigate these challenges and revolutionize the industry.
AI-focused insurance policies denominated in Bitcoin? This is the future, my friends! I’m thrilled to see technology and finance merging in such innovative ways. Let’s hope Meanwhile can deliver on its promises and make a real impact.
I’m still trying to wrap my head around Bitcoin, and now there’s Bitcoin life insurance? It’s a lot to take in, but I guess it shows how cryptocurrencies are becoming more mainstream. Exciting, confusing, and intriguing, all at the same time!