Meanwhile, a startup offering life insurance and annuities denominated in bitcoin (BTC), raised $40 million in series A funding round, CEO Zac Townsend said on Thursday in an X post.
The investment was led by venture capital firms Framework and Fulgur Ventures, with early Bitcoin-advocate Wences Casares also participating.
Traditional life insurance pays out in fiat currencies. Meanwhile flips this model, keeping premiums and benefits in bitcoin, aiming to help policyholders guard against inflation and currency devaluation. In countries where local currencies lose value, holding policies in BTC could help preserve purchasing power for future payouts. However, policyholders also take on bitcoin’s price volatility.
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The firm plans to use the funds to accelerate its global rollout, targeting regions where inflation and currency instability are everyday concerns, Townsend said. Meanwhile did not disclose its current valuation or specific market entry plans 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,” Townsend said.
The investment follows on an earlier, $20 million round from a range of investors including Sam Altman, CEO of artificial intelligence firm OpenAI, alongside Google’s AI-focused fund Gradient Ventures. The company secured a digital life insurer license in Bermuda last year.