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Meanwhile, a crypto life insurance company that handles everything in Bitcoin, has reached a valuation of $190 million following its recent Series A fundraising. The company raised $40 million, according to a report by Fortune, with backing from Bitcoin-friendly players like Xapo and venture capitalist Wences Casares.
Unlike traditional insurers, Meanwhile runs fully on Bitcoin. Customers pay premiums in BTC, and when the time comes, beneficiaries also receive payouts in Bitcoin. The idea is to use Bitcoin as both a payment method and a store of value.
CEO and co-founder Zach Townsend told Fortune that the firm has doubled its valuation since its 2022 raise. He explained that the company’s model is built around the belief that Bitcoin offers a long-term edge over fiat currency, particularly when it comes to preserving value.
Townsend noted growing concerns about inflation and the reliability of the US dollar. In his words, “It may feel like the dollar is not as sure a store of value as it might have been in the past. So the idea of storing some value for your kids… in this global, censorship-resistant, decentralized, uncontrollable currency in Bitcoin is very attractive.”
Meanwhile also generates revenue by investing the Bitcoin it collects from customers, which helps it meet future death benefit payouts.
The startup’s growth signals ongoing interest in Bitcoin-based financial products, especially from those looking for alternatives to traditional insurance and banking models.