The company Meanwhile, specializing in life insurance with payments in Bitcoin, has successfully completed a Series A funding round, raising $40 million. These funds will be used to expand the business internationally and adapt products to meet regulatory requirements.
This is reported by Business • Media
According to new data, the startup’s valuation has increased to $190 million, nearly double compared to last year when the project raised $20.5 million. The main investors in this round were venture funds Framework Ventures and Fulgur Ventures.
Innovative approach to insurance
As noted by the company’s CEO, Zach Townsend, the Meanwhile product is analogous to traditional life insurance, where clients pay premiums monthly, and in the event of death, payouts go to relatives. However, the key difference is that all transactions are conducted in Bitcoin. This means that payments are made from crypto wallets, and recipients of payouts also receive Bitcoin.
Market prospects
Townsend emphasized that investing in Bitcoin helps reduce risks associated with inflation and preserve asset value. He stated:
“It seems that the dollar is no longer as reliable a store of value as it once was. The idea of preserving some value for your children in Bitcoin is very appealing.”
Despite some experts considering Bitcoin insurance risky due to the asset’s volatility, Townsend assures that Bitcoin has historically shown long-term value growth, despite short-term fluctuations.
It is worth noting that earlier, the blockchain startup Wunder.Social, which aims to create a bot-free social network, raised $50 million in funding.