Meanwhile Announces Completion of $40 Million Series A Financing
Recently, Meanwhile, a life insurance company that focuses on Bitcoin payments, announced the completion of $40 million in Series A financing. Upon examining the investment background of the company, it is notable that Gradient Ventures, a venture capital firm with ties to OpenAI CEO Sam Altman and Google (Alphabet), is involved. What unique features does the company have, and what are the benefits of using Bitcoin as a medium for life insurance transactions?
Meanwhile
Meanwhile is the world’s first life insurance company entirely priced in cryptocurrency ($BTC). The company has announced that it is authorized and regulated by the Bermuda Monetary Authority. It aims to leverage AI technology to create a highly efficient, digitized insurance service process.
Currently, it has completed two rounds of seed financing, totaling approximately $59 million. The first round was co-led by OpenAI CEO Sam Altman and Gradient Ventures from the Google ecosystem. The second round was primarily led by Framework Ventures. Other investors include Marc Bhargava, founder of Tagomi, Wences Casares, founder of crypto-friendly bank Xapo, Muoro Capital, the venture capital arm of MS&AD Insurance Group, and Hudson Structured Capital Management.
Meanwhile’s founder, Zachary Townsend, has relevant work experience with renowned venture incubator Y Combinator, McKinsey, and even the California state government. He previously founded Standard Treasury, a company acquired by Silicon Valley Bank.
BTC-Priced Insurance for Tax Avoidance?
The company has launched the world’s first whole life insurance product priced in BTC. Utilizing AI technology for underwriting, claims processing, and operations significantly enhances efficiency and reduces labor costs.
The product advantages include:
- Generational Wealth Transfer: Assets can be transferred using existing tax benchmarks, reducing estate tax burdens.
- Policy Value Assurance: Provides guaranteed appreciation, death benefits, and surrender value as part of a long-term investment strategy.
- Flexible Fund Usage: Allows for tax-free, low-interest loans against the policy value or tax-free partial withdrawals.
Meanwhile plans to launch more BTC-priced financial products, including:
- Private Credit Funds
- Term Life Insurance
- Accidental Death Coverage
The goal is to establish a global, fully digitized life insurance platform, using BTC as a foundation for global value storage and functional currency.
Risk Warning
Investing in cryptocurrencies carries high risks, and their prices can be extremely volatile, potentially resulting in the loss of your entire principal. Please assess the risks carefully.