Bitcoin-Denominated Life Insurance Provider Sets Up Shop With $19M Funding

Life insurance company Meanwhile Insurance Bitcoin said it raised $19 million to develop an artificial-intelligence aided bitcoin -denominated policy as it eyes an economy developing around the largest cryptocurrency.

Meanwhile plans to use the funding to hire a development team for its first product, according to an emailed announcement on Tuesday. Its initial target audience is U.S. citizens with large BTC holdings who are looking to protect their families in a tax-advantaged way, an audience from which Townsend said the firm has"seen a lot of early demand."

The company plans to use AI to help with underwriting, claims and operations, according to the statement. "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," he said."We think hundreds of millions of folks will be onboarding into the bitcoin economy in the coming decades, and we’re building the life insurance company for them."

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