Digital Assets: Bitcoin Denominated, AI-Powered Life Insurance Provider Meanwhile Raises $19M
OpenAI CEO Sam Altman and Google-Backed Gradient Ventures participated in the funding round.
Meanwhile, a digital asset-denominated life insurance provider, has secured approximately $19 million in funding from investors including Sam Altman, the CEO of OpenAI, and Gradient Ventures, backed by Google (NASDAQ: GOOGL).
The company is the first of its kind to offer life insurance entirely denominated in a cryptocurrency, specifically Bitcoin (BTC). It is licensed and regulated by the Bermuda Monetary Authority and aims to leverage artificial intelligence (AI) to provide efficient insurance solutions and integrate BTC into the insurance industry. (Businesswire)
Zac Townsend, Co-Founder and CEO sees the potential for combining AI and bitcoin, which is likely to become a global store of value and functional currency, to build a full-stack life insurance company with the aim to reach over a billion people globally.
Meanwhile plans to expand its product offerings beyond whole life insurance and build a range of cryptocurrency-denominated financial products.
The company’s use of AI streamlines underwriting, claims, and operations, reducing manual processes and promoting transparency.
Related Story: Thanks To AI, Insurers Now Have SuperNormal Powers, Says Sompo Chief
Image of Ambulance by OpenClipart-Vectors from Pixabay
Image of Bitcoin by Gordon Johnson from Pixabay
Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…