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FameEX Hot Topics | Bitcoin Life Insurance Startup Secures $19M in Seed Funding with Sam Altman and Gradient Ventures at the Helm

2023-06-07 16:21:40

Meanwhile, a Bermuda-registered startup specializing in bitcoin life insurance, has successfully raised $19 million in two seed funding rounds. The company's vision is to offer insurance policies denominated in bitcoin (BTC) and centered around artificial intelligence (AI). Interested individuals can sign up for the waitlist on Meanwhile's website, with notifications sent to inform them of their position in the queue.

Licensed by the Bermuda Monetary Authority, Meanwhile initially targets bitcoin holders residing in the United States. The recently acquired funds will be utilized to establish a dedicated development team. Zac Townsend, CEO and co-founder of Meanwhile, 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, a subsidiary of Google. Additional investors included Muoro Capital (Santander), MS&AD, Hudson Structured Capital Management, and several notable angel investors such as Sam Blond of Founders Fund, Lauren Kolodny of Acrew, Marc Bhavaga of General Catalyst, Parker Conrad, Dylan Field, and Nick Schrock.

Moreover, 6th Man Ventures also made an investment in Meanwhile. Anna Patterson, the managing partner at Gradient Ventures, expressed her confidence in the company, stating that Meanwhile is at the intersection of AI and digital asset transformation. She believes that Meanwhile has the potential to revolutionize the use of digital currencies for consumers and set new standards for technology-driven life insurance providers.

Townsend emphasizes that a BTC-denominated insurance policy makes perfect sense for long-term BTC holders. He envisions Meanwhile evolving into a comprehensive life insurance firm with ambitions to reach over one billion people worldwide. According to him, bitcoin represents one of the most significant financial innovations of the last century.

The emergence of traditional investments linked to bitcoin, such as BTC retirement plans and the utilization of BTC for mortgages, has gained substantial traction. Meanwhile's BTC-denominated life insurance policy aligns with these trends and aims to facilitate wealth transfer to future generations without imposing a tax burden. The company advocates its approach as a thoughtful method of generational wealth transfer.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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