Unlocking the Value of Bitcoin
Meanwhile Group, a leading innovator in Bitcoin life insurance, has introduced a new private credit fund denominated in Bitcoin (BTC). The closed fund aims to provide investors with a "conservative" yield in Bitcoin and lend funds in BTC to institutional counterparties at the discretion of the managers.
Mitigating Risk for Investors
The Meanwhile BTC Private Credit Fund targets a 5% yield for investors over its term. By carefully selecting loan recipients, the fund effectively manages the risk associated with retail platforms that primarily lend to individuals, according to a company statement.
Investing in Bitcoin
Fund participants will invest in U.S. dollars, which will then be converted into BTC at the fund's closure. Loans will be provided in BTC, and fees will be charged in BTC as well. Zac Townsend, co-founder and CEO of Meanwhile Group, believes this private credit fund offers institutional investors a unique opportunity to realize the full value of their BTC holdings while maintaining ownership and optimizing returns.
Backed by Prominent Investors
Meanwhile Group has received backing from notable investors, including OpenAI and Worldcoin CEO Sam Altman, former Stripe executive Lachy Groom, and Gradient Ventures, a venture fund linked to Google.
Expanding Bitcoin Insurance Services
Earlier this year, Meanwhile Group launched Meanwhile Insurance in Bermuda with $19 million in funding. The insurance company exclusively accepts premiums and pays benefits in BTC. While coverage is currently available only in the United States, citizens from other countries can join the waitlist. Meanwhile Group offers whole life insurance policies that include a cash value in BTC in addition to a death benefit.
New York Digital Investment Group's Bitcoin-Powered Solutions
In 2021, New York Digital Investment Group secured $100 million in funding from major insurance providers to develop "Bitcoin-powered solutions" for U.S.-based life insurance and annuity providers. This demonstrates the growing interest in integrating Bitcoin into the insurance industry.
