Meanwhile, a crypto insurance company has raised $40 million in a Series A funding round. The round was led by Framework Ventures and Fulgur Ventures.
This brings the valuation of the company to $190 million, almost double its 2022 valuation. In addition to its existing investors, this round also included participation from Wences Casares, founder of Xapo, a crypto bank.
Founded by Zac Townsend, Meanwhile provides life insurance products for customers to pay premiums in Bitcoin. Payment in Bitcoin is also offered for maturity payouts. Meanwhile, it seeks to provide an inflation-fighting solution while offering returns on long-term investments.
Revolutionizing life insurance with crypto and bitcoin
Townsend is of the opinion that crypto enthusiasts as a whole would prefer using Bitcoin to pay for life insurance. Its purpose is to satisfy this demand and transform public perception of financial protection. Meanwhile’s life insurance idea is simple.
The premiums are paid by the policyholders each month in terms of calculations performed by an actuary. Instead of using traditional modes of settlement in terms of bank transfers and checks, customers pay in Bitcoin in their crypto wallets. When a policyholder dies, his/her nominees receive the settlement in Bitcoin.
This model is intended to shield families from financial adversity while managing inflation and currency depreciation in the long run.
Life insurance, according to Townsend, is an essential instrument for protecting families against unexpected occurrences. He further notes that while conventional policies rely on fiat currency, Meanwhile’s Bitcoin-based insurance policies seek to maintain value in a manner that minimizes inflation risk.
Bitcoin’s growth potential and global expansion
He observes that the purchasing power of the dollar has decreased over time because of inflation, so Bitcoin, a decentralized and censorship-proof currency, is an attractive choice for individuals who want to preserve wealth for future generations.
Although Bitcoin’s turmoil can be unsettling, Townsend is of the opinion that its future growth potential outweighs its short-term fluctuations.
hRevenues for the company will come from lending out customers’ Bitcoin to financial institutions, such as crypto exchanges at returns that will be used to support policy payouts and operational expenses.
With its new funding, Meanwhile intends to expand its services overseas and become in line with related regulations. It has followed a $20.5 million funding round in 2022, which included Sam Altman, CEO of OpenAI, and early Stripe employee Lachy Groom.
