Meanwhile, a crypto insurance company, has raised $40 million in a Series A funding round, underscoring the growing interest in crypto-related financial services.
Funding Round and Company Valuation
The investment in Meanwhile was led by Framework Ventures and Fulgur Ventures, with participation from Wences Casares, founder of crypto bank Xapo. This funding round increased the company's valuation to $190 million, nearly doubling its previous assessment from 2022.
Insurance Model and Its Appeal
Meanwhile offers life insurance policies aimed at crypto enthusiasts, with premiums and payouts in Bitcoin. Co-founder and CEO Zac Townsend states that this model attracts individuals looking to protect their families while capitalizing on Bitcoin. Despite Bitcoin's volatility, he notes that it has historically yielded strong long-term returns, which aligns with strategies to combat inflation.
Expansion Plans and Crypto Services Market
The company generates revenue by lending clients’ Bitcoin to large financial institutions for one to two years, anticipating a 3% return to cover payouts and operational expenses. With new funding, Meanwhile plans to expand globally while ensuring regulatory compliance and responding to the increasing demand for crypto-based financial services.
The $40 million funding underscores the shifting landscape of financial services and the growing interest in cryptocurrencies, opening new opportunities for companies like Meanwhile.
