Both insurance premiums and insurance money are bitcoins ── Life insurance startup raises $ 19 million | CoinDesk JAPAN | Coin Desk Japan

Bermuda-based life insurance company Meanwhile Insurance Bitcoin has launched a $19 million (approx. 160 million yen (converted to 140 yen per dollar) was announced on June 6th.

The Bermuda Monetary Authority (BMA)-licensed company said it had raised two seed rounds. The first was co-led by OpenAI CEO Sam Altman, who developed ChatGPT, and Lachy Groom, a former exec at fintech company Stripe. The second was led by Gradient Ventures.

Meanwhile, formerly known as Standard Crypto Insurance, it is registered with the BMA under that name, CEO Zac Townsend told CoinDesk.

Meanwhile, the company said Tuesday it will use the funds raised to hire the development team for its first product. The first target customers are American citizens who have a large amount of Bitcoin (BTC) and want to protect their families in a tax-advantaged way. Townsend said the company is “anticipating significant initial demand.”

“It makes a lot of sense for long-term bitcoin holders to invest in bitcoin-denominated life insurance and have the ability to activate a percentage of their bitcoin holdings,” said Townsend.

The company plans to use AI to assist with underwriting, claims and operations, according to a release.

Townsend said the volatility that normally accompanies Bitcoin prices is not a concern for Meanwhile.

“Market movements that affect the Bitcoin price will not affect underwriting or guarantees as we receive premiums in Bitcoin and pay claims in Bitcoin. We believe that hundreds of millions of people will join the Bitcoin economy during this time, and we are trying to establish life insurance companies for them.”

The company may be relatively immune to bitcoin price volatility, but policyholders bear the risk as price volatility will affect policy amounts.

“It doesn’t matter what the price is today, tomorrow’s price, etc. What matters is whether Bitcoin has value in the long-term future,” Townsend said.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Bitcoin-Denominated Life Insurance Provider Sets Up Shop With $19M Funding