Life insurance company Meanwhile Insurance Bitcoin (Bermuda) said it raised $19 million to develop an artificial-intelligence (AI) aided bitcoin (BTC)-denominated policy as it eyes an economy developing around the largest cryptocurrency.
The Bermuda Monetary Authority-licensed company said it raised the funds across two seed rounds. The first was co-led by Sam Altman, CEO of ChatGPT developer OpenAI, and former Stripe executive Lachy Groom. The second was led by Gradient Ventures. Meanwhile was previously called Standard Crypto Insurance, and is registered under that name with the BMA, CEO Zac Townsend told CoinDesk.
Meanwhile plans to use the funding to hire a development team for its first product, according to an emailed announcement on Tuesday. Its initial target audience is U.S. citizens with large BTC holdings who are looking to protect their families in a tax-advantaged way, an audience from which Townsend said the firm has "seen a lot of early demand."
Bitcoin-Denominated Life Insurance Provider Sets Up Shop With $19M FundingMeanwhile's target audience is U.S. citizens with large BTC holdings, an audience from which it has "seen a lot of early demand."
