Meanwhile, the Bitcoin (BTC)-derived life insurance and pension startup has raised $40 million in the Series A funding round, CEO Zac Townsend said on the X Post on Thursday. The investment was led by a venture capital company framework and Fulger Venture, and was also involved with early Bitcoin advocate Venscasáles.
Traditional life insurance is paid in Fiat currency. Meanwhile, the model aims to maintain premiums and profits on Bitcoin, helping policyholders prevent inflation and currency devaluation. In countries where local currency is losing value, maintaining BTC policies can help you maintain purchasing power for future payments. However, policyholders are also working on Bitcoin price volatility.
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The company will use its funds to accelerate global expansion, where inflation and currency instability are a daily concern, Townsend said. On the other hand, they did not disclose current assessments or specific market entry plans in the announcement.
“This round gives us important capital to empower the journey that builds the world’s largest long-term insurance and savings company,” Townsend said.
The investment follows an earlier $20 million round from a number of investors, including Sam Altman, CEO of artificial intelligence firm Openai, along with Google’s AI-centric fund gradient venture. The company secured a license to the Digital Life Insurance Company in Bermuda last year.