Meanwhile, a newcomer in the insurance industry that offers life insurance and annuities in bitcoin (BTC) has successfully raised $40 million in a Series A funding round, as stated by CEO Zac Townsend on Thursday in a social media update.
The round was led by venture capital firms Framework and Fulgur Ventures, with contributions from early Bitcoin supporter Wences Casares.
Unlike conventional life insurance that pays out in fiat currencies, this company alters the paradigm by transacting in bitcoin, seeking to assist policyholders in safeguarding their wealth against inflation and currency depreciation. In regions where local currencies may weaken, holding policies in BTC could potentially protect the purchasing power of future payouts. However, clients must be cognizant of the inherent price fluctuations in bitcoin.
The company intends to utilize the capital to expedite its international expansion, focusing on areas grappling with persistent inflation and currency instability. Townsend refrained from revealing the current valuation or detailed market entry strategies in the announcement.
“This funding round equips us with substantial capital to propel our ambition of creating the world’s largest long-term insurance and savings entity,” Townsend remarked.
This funding arrives on the heels of a previous $20 million investment round from a diverse group of investors that included Sam Altman, CEO of OpenAI, as well as Google’s AI-centric fund, Gradient Ventures. Last year, the firm also obtained a digital life insurance license in Bermuda.