Meanwhile, a unique life insurer that operates solely in cryptocurrency, has announced that it has raised around $19m across two seed funding rounds.
This financing puts Meanwhile in an advantageous position, making it the first and only life insurer to operate exclusively in cryptocurrency.
The funding rounds have seen significant participation from high-profile investors. The first round was co-led by Sam Altman, CEO of OpenAI, and Lachy Groom, the former head of Stripe issuing. The second round saw Gradient Ventures, a Google venture, taking the lead. This substantial financial backing has allowed Meanwhile to secure licensing and regulation from the Bermuda Monetary Authority, a leading global insurance regulator. With this financial boost, Meanwhile is set to enhance its team, launch its Bitcoin-denominated whole life insurance product, and move the company forward.
Meanwhile, breaking new ground in the insurance industry, offers life insurance services wholly denominated in Bitcoin. Their ambition is to reach more than a billion people globally by combining Bitcoin with artificial intelligence and creating an innovative full-stack life insurance company. Their services are designed to resonate particularly with long-term Bitcoin holders.
Meanwhile CEO Zac Townsend, who has spent over a decade at the intersection of tech, finance, and public policy, said, “As one of the few innovations in money in the last century, Bitcoin is on track to become a global store of value and functional currency. To start, it makes perfect sense for long-term holders of BTC to invest in life insurance denominated in that asset and to enable a percentage of their BTC holdings to become active.”
The key aim for Meanwhile is to offer a frictionless life insurance product using artificial intelligence, operating completely in digital assets, thereby modernising one of the world’s oldest financial products. The team, led by Max Gasner, CTO and co-founder, leverages AI to reduce manual labour, promote transparency, and bring efficiency to the insurance system.
Anna Patterson, Managing Partner at Gradient Ventures, commented, “Meanwhile is sitting at the confluence of the AI and digital assets transformation. We’re excited to support Zac and Max on their mission.” Likewise, Jon Soberg, Managing Partner of MS&AD Ventures, expressed his enthusiasm about the unique financial products that Meanwhile will bring to the market.
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