Crypto Life Insurance Meanwhile Secures $19 Million Funding From OpenAI CEO

Key Points:

• Meanwhile, the first and only cryptocurrency-based life insurance has raised $19 million in two seed rounds, the first of which was co-led by OpenAI CEO Sam Altman.
• The company will be licensed and regulated as a life insurance firm by the Bermuda Monetary Authority, a major global insurance regulator, thanks to the investment.

Meanwhile, the premier and sole life insurance provider to offer premiums in cryptocurrency, has revealed approximately $18 million in funding through two seed rounds. The first round was jointly led by Sam Altman, the CEO of OpenAI, and Lachy Groom, previous Head of Stripe issuing, whilst Gradient Ventures spearheaded the second round of investment.

Thanks to the funding, Meanwhile can now be officially licensed and regulated as a life insurance firm by the Bermuda Monetary Authority, a leading global insurance regulator. Additionally, the company can expand its initial team and launch its first product, which is a whole life insurance policy denominated in Bitcoin (BTC).

Other noteworthy supporters of the venture include Muoro Capital (Santander), MS&AD Insurance Group’s venture arm, and Hudson Structured Capital Management, a leading re/insurance investor. Notable angel investors include Parker Conrad, Dylan Field, Nick Schrock, 6th Man Ventures, Sam Blond of Founders Fund, Lauren Kolodny of Acrew, and Marc Bhavaga of General Catalyst.

Zac Townsend, CEO and Co-Founder of Meanwhile, has spent over a decade developing projects at the intersection of technology, finance, and policy. Townsend believes that Bitcoin is one of the few money innovations of the last century and is on track to become a global store of value and functional currency. He believes that by combining Bitcoin with artificial intelligence, Meanwhile can build a full-stack life insurance company that can serve over a billion people globally. The company’s first step is to offer long-term holders of BTC the opportunity to invest in life insurance denominated in that asset and enable a percentage of their BTC holdings to become active.

The company claims that traditional insurers rely on “tedious and time-consuming” manual processes and reviews that can take weeks to underwrite a typical policy. Meanwhile, by leveraging AI-powered underwriting, claims, and operations, CTO and Co-Founder Max Gasner and his team are creating an efficient end-to-end insurance system that reduces manual labor and promotes transparency. The company aims to provide a frictionless offering to one of the oldest financial products in the world, life insurance, by harnessing the power of AI and operating entirely in digital assets.

Anna Patterson, Managing Partner at Gradient Ventures, said:

“The team has an opportunity to change how consumers use digital money and set a new standard for tech-enabled life insurance providers. We’re excited to support Zac and Max on their mission.”

Certain advantages of Meanwhile life insurance plans comprise a considerate strategy towards intergenerational wealth transfer, permitting a transfer devoid of imposing a massive tax liability by securing today’s tax basis.

The policy features an assured expansion, an assured death benefit, and an assured surrender value. Meanwhile, it can form a component of an assorted range of investments for long-range planning and progression. Customers have the liberty to avail of the policy’s value whenever necessary to assess the policy’s fluidity with tax-exempt, low-rate loans and tax-exempt partial withdrawals.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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