Meanwhile Group, also invested by Sam Altman, launches Bitcoin private credit fund for institutional investors | CoinDesk JAPAN

Meanwhile Group, a Bitcoin-focused financial services company backed by former OpenAI CEO Sam Altman, announced on the 7th that it has launched a Bitcoin (BTC) private credit fund. .

The closed-end fund seeks to attract institutional investors by offering a “modest” 5% yield on Bitcoin, according to a press release. Investors contribute US dollars to the fund, which are converted into Bitcoin and fees are also charged in Bitcoin.

Private credit, in which non-banking institutions lend money to businesses and individuals, is already big business in the traditional finance market, with BlackRock, the world’s largest asset manager, predicting that the sector will grow by 30% by 2028. It is predicted to grow to $500 billion (approximately 507.5 trillion yen, equivalent to 145 yen to the dollar).

Zac Townsend, co-founder and CEO of Meanwhile Group, said in a press release: “While a thriving Bitcoin economy is inevitable, realizing this future and maximizing its potential requires a solid A strong capital market is essential.” “This private credit fund offers an unparalleled opportunity for institutional investors to fully unlock the value of their Bitcoin holdings without compromising ownership and seize a unique opportunity to earn optimized returns.” Ta.

The fund aims to raise $100 million from investors, The Block reports.

In an interview with CoinDesk TV in June, Townsend said that Meanwhile Group has launched Meanwhile Insurance, a Bitcoin-based artificial intelligence (AI)-powered life insurance business, and raised $19 million in an earlier investment round this year. He said he had procured it. Investors include Sam Altman and Google’s AI arm Gradient Ventures, according to a press release.

Meanwhile Group also plans to develop a wide range of financial products denominated in crypto assets (virtual currencies), such as term life insurance and accidental death benefits in Bitcoin.

｜Translation and editing: Rinan Hayashi
｜Image: Zach Townsend, co-founder and CEO of Meanwhile Group (CoinDesk)
｜Original text: Sam Altman-Backed Meanwhile Group Starts Bitcoin Private Credit Fund for Institutional Investors