Bitcoin (BTC) Life Insurance Startup Meanwhile Raises $40M Series A, Now Valued at $200M

An insurance startup that pays out policyholders in Bitcoin (BTC) is now reportedly valued at nearly $200 million after a successful Series A fundraising round.

A new crypto startup that pays out life insurance claims in Bitcoin (BTC) is now valued at nearly $200 million after a successful Series A fundraising round, reports Fortune.

Crypto life insurance firm Meanwhile has raised $40 million in its latest fundraising round, bringing its valuation to $190 million, the report states.

The fundraising round saw the participation of Bitcoin (BTC)-focused bank Xapo and Silicon Valley mogul Wences Casares, among others.

Meanwhile is funded and operates entirely in Bitcoin, with policyholders paying premiums in the crypto king and beneficiaries receiving payouts in BTC as well.

As such, Meanwhile’s products are designed for those who believe in Bitcoin’s long-term store-of-value potential.

Speaking to Fortune, Meanwhile chief executive and co-founder Zach Townsend said the company has nearly doubled its valuation since its 2022 seed funding round, which saw the startup raise $15 million.

Townesend tells Fortune that Meanwhile operates in BTC rather than in fiat currency because Bitcoin limits the risks associated with inflation over the long run.

“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 makes its profits by investing the BTC it collects from policyholders in order to fulfill its death benefit obligations.