Key Information:

• Bitcoin-focused startup Meanwhile secures $40 million investment led by Framework and Fulgur Ventures.
• The firm’s products aim to protect policyholders against inflation and currency risk by offering life insurance and annuities in Bitcoin.
• This round of investment follows a previous fundraising round that included contributions from Sam Altman, CEO of OpenAI.

Meanwhile, a startup specializing in life insurance and annuities that operate in Bitcoin (BTC), raised $40 million during a recent series A funding round, as stated by CEO Zac Townsend. The funding was primarily provided by venture firms Framework and Fulgur Ventures, with participation from prominent Bitcoin advocate Wences Casares.

Traditional life insurance policies typically offer payouts in fiat currencies, but Meanwhile disrupts this model by securing premiums and payouts in Bitcoin, which aims to assist policyholders in safeguarding their assets against inflation and currency depreciation.

By holding policies in BTC, individuals in regions with fluctuating local currencies have the potential to maintain their purchasing power for future payments; however, they must also navigate Bitcoin’s inherent price volatility.

Townsend expressed that the funding will be instrumental in accelerating the company’s global expansion, particularly in areas greatly affected by inflation and currency instability. Details regarding the firm’s current valuation or specific market entry strategies were not disclosed in the announcement.

“This round gives us significant capital to power our journey of building the world’s largest long-term insurance and savings company,” said Townsend.

This investment comes after an earlier round raising $20 million from various investors, including Sam Altman and funds like Gradient Ventures. The company received a digital life insurer license in Bermuda in the past year.