Crypto Startup Meanwhile Raises $40 Million for Bitcoin-Denominated Life Insurance Targeting Inflation-Prone Economies

Meanwhile, a crypto startup, has secured $40 million in funding to expand its Bitcoin-based life insurance business, focusing on economies with high inflation where policyholders may prefer alternatives to traditional fiat payouts. The Series A round was led by Framework Ventures and Fulgur Ventures, with participation from Xapo founder Wences Casares. Previously, Meanwhile received $20.5 million in seed funding supported by OpenAI CEO Sam Altman. Regulated by the Bermuda Monetary Authority, Meanwhile offers whole life insurance policies denominated in Bitcoin, allowing policyholders to protect the value of their insurance against currency devaluation. Clients can access the value of their insurance through loans and tax-free withdrawals, with premiums paid in Bitcoin. The policies are designed for individuals in regions with high inflation or currency instability, aiming to provide a hedge against currency debasement. Despite debates on Bitcoin's role as an inflation hedge, the cryptocurrency has shown resilience against inflation and currency devaluation since its inception. The recent dip in Bitcoin price following US inflation data highlights the asset's sensitivity to macroeconomic factors.