Bitcoin-Denominated Life Insurance Provider Raises $19 Million

The company uses artificial intelligence for claims processing and health risk assessment.

Meanwhile, a Bitcoin-backed and A.I.-powered life insurer, has raised $19 million in funding to enable deceased Bitcoin holders to pass on their digital assets to their loved ones. The funding round was co-led by Sam Altman, CEO of OpenAI, and Lachy Groom, an original employee at Stripe. Gradient Ventures, a Google-backed venture capital fund, led the second round of funding.

Meanwhile operates as a licensed and regulated life insurance company in Bermuda, utilizing artificial intelligence for claims processing and health risk assessment. Premiums and claims are exclusively in Bitcoin, with the company generating revenue through lending a portion of the collected premiums and charging interest on the loans.

By leveraging A.I. for various processes and conducting all transactions in Bitcoin, Meanwhile aims to provide a tech-enabled solution for the transfer of digital assets after death. With the support of prominent investors such as Sam Altman and Gradient Ventures, the company aims to set a new standard in the life insurance space and contribute to the wider adoption of cryptocurrencies in everyday financial activities.