Life insurance company Meanwhile said it raised $19 million to develop an artificial-intelligence (AI) aided bitcoin (BTC)-denominated policy.
Licensed and regulated by the Bermuda Monetary Authority, the company will use the funds to hire its initial team and launch its first product – Bitcoin (BTC)-denominated whole life insurance.
"The first round of seed funding was co-led by Sam Altman, CEO of OpenAI and co-founder of Worldcoin, and Lachy Groom, previous head of Stripe issuing, while the second was led by Gradient Ventures (Google)."
"The capital raise, which values Meanwhile at $100 million, according to CEO and co-founder Zac Townsend, is just one of Sam Altman’s recent investments at the intersection of crypto and artificial intelligence. Worldcoin, a project he helped found that aims to convince billions of users to scan their irises to prove they’re human, recently announced a funding round of $115 million."
“As one of the few innovations in money in the last century, Bitcoin is on track to become a global store of value and functional currency,' said Meanwhile's CEO Zac Townsend.
"It makes perfect sense for long-term holders of BTC to invest in life insurance denominated in that asset and to enable a percentage of their BTC holdings to become active,” he added.
"Market moves that impact the price of BTC do not impact our underwriting or our guarantees because we take premiums and pay out claims in BTC," the CEO was quoted as saying.
"Utilizing AI-powered underwriting, claims, and operations, Max Gasner, CTO and co-founder, and his team are building a highly-efficient end-to-end insurance system reducing manual labor and promoting transparency," was stated in a press release.