Altman-Backed Meanwhile Raises $37.5 Million to Expand Business
Summary
- Meanwhile said it raised $37.5 million in new funding, bringing its cumulative total to more than $180 million.
- Meanwhile said it offers life insurance products with premiums and death benefits denominated in Bitcoin (BTC).
- Meanwhile said that after launching 'BTC Life 1-Pay,' it expanded its sales network for high-net-worth clients in Switzerland, Singapore and Hong Kong, and plans to broaden its overseas distribution network further.
Meanwhile, a Bitcoin life insurer backed by OpenAI Chief Executive Officer Sam Altman, has raised a sizable new round of funding.
CoinDesk reported on Oct. 8 that the company had raised $37.5 million in fresh capital. The round was led by existing investor Bain Capital Crypto.
Haun Ventures, Framework Ventures, Pantera Capital and Apollo also participated. The latest financing brings Meanwhile’s total funding to more than $180 million.
Meanwhile offers life insurance products with premiums and death benefits denominated in Bitcoin rather than fiat currency. The company is viewed as broadening Bitcoin’s use into long-term wealth management, including insurance and inheritance planning.
Its BTC Life 1-Pay product, launched earlier this year, is a single-premium whole-life policy for high-net-worth clients outside the US. Customers who pay premiums in Bitcoin are guaranteed Bitcoin-denominated death benefits under the contract.
Since launching the product, Meanwhile has signed agreements with 15 insurance brokerages focused on high-net-worth clients in Switzerland, Singapore and Hong Kong. The company plans to expand its overseas distribution network to meet growing demand in Asia, Europe and the Middle East.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul