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

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