Life insurance crypto startup raises $19 million

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Cryptocurrency life insurance startup Meanwhile announced the closing of two seed funding rounds totaling $19 million.

The first was led by OpenAI CEO Sam Altman, and the second by Gradient Ventures, Google’s artificial intelligence fund.

According to a press release, Meanwhile is the “only” insurance firm that offers fully cryptocurrency-denominated products.

The funding will allow the company to obtain a license from the Bermuda regulator, as well as expand the team and launch its first service, life insurance backed by the first cryptocurrency.

“Bitcoin is on track to become a global store of value and functional currency. […] When combined with artificial intelligence, we see the potential to create a full-stack life insurance company that aims to reach more than a billion people worldwide,” said Meanwhile CEO Zach Townsend.

Using the latest blockchain and AI technologies, the company plans to create a “comprehensive insurance system that reduces manual labor and promotes transparency.”

Following the initial launch, Meanwhile will continue to work on expanding its product line with new cryptocurrencies and options.

In May, privacy and artificial intelligence-focused blockchain project Auradine raised $81 million in an investment round led by mining company Marathon Digital.

That same month, Block CEO Jack Dorsey led a $6 million funding round for crypto payments company Azteco.

Recall that, according to the results of the first quarter of 2023, the volume of venture investments in crypto-startups within 353 funding rounds amounted to $2.6 billion, which is 11% lower compared to the previous reporting period.

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