Meanwhile, a life insurance crypto startup that operates exclusively in Bitcoin, raised $40mn in a Series A funding round. The company is now valued at $190mn.
Fulgur Ventures and Framework Ventures co-led the round, with participation from Xapo founder Wences Casares.
Founded in 2022 by Zac Townsend and Max Gasner, Meanwhile is based in Bermuda and offers life insurance and annuity products denominated in Bitcoin.
Its first product, Bitcoin-denominated Whole Life Insurance, is structured to help Bitcoin holders manage long-term financial planning while maintaining exposure to BTC. The product provides guaranteed payouts, tax-related advantages, and access to liquidity.
Meanwhile plans to use the new capital to expand operations, increase business reach, and continue product development. The funds will also support global distribution of its Bitcoin-based insurance offerings.
According to Townsend, there is demand among crypto investors to manage their life insurance in Bitcoin. He believes this group prefers a financial solution that aligns with their investment interests and views on fiat currency.
The company’s model is similar to traditional life insurance, with monthly premiums calculated by actuaries. Clients pay premiums directly from their crypto wallets in Bitcoin. In the event of the policyholder’s death, the beneficiary receives the payout in Bitcoin.
Townsend argues that life insurance plays a fundamental role in protecting families from financial disruption. He says most traditional policies rely on fiat currencies, which are subject to inflation. Meanwhile’s Bitcoin model, he says, offers an alternative for those seeking protection against currency debasement.
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.
Zac Townsend, Meanwhile’s Co-founder
He acknowledges concerns over Bitcoin’s volatility but notes that BTC has historically produced long-term returns.
Townsend views Bitcoin as a viable option for storing value over extended periods, especially for individuals looking to pass on assets across generations.
Meanwhile Insurance Bitcoin (Bermuda) Ltd (“Meanwhile”) is a life insurance carrier licensed and regulated by the Bermuda Monetary Authority.
Applications for Meanwhile’s insurance products will only be received and reviewed by the company at its offices in Bermuda, and all offers and sales of its insurance products will only be made in Bermuda. Meanwhile does not conduct insurance business in any other jurisdiction.
Meanwhile generates revenue by lending client Bitcoin to large financial entities such as crypto exchanges and market makers. These loans typically span one to two years. Townsend expects a 3% return on these transactions. A portion of this income funds policy obligations, while the rest supports operational costs.
BitcoinIRA is another example of a company providing crypto-based financial planning tools, offering access to Bitcoin through retirement accounts. Townsend says Meanwhile will continue to focus on regulatory compliance as it scales internationally.
The Series A follows a $20.5mn raise in 2022, which included backing from OpenAI CEO Sam Altman and early Stripe employee Lachy Groom.
