Bermuda grants license to Meanwhile

Meanwhile, a life insurance startup that only uses bitcoin for premiums and claims, has received regulatory approval from the Bermuda Monetary Authority to function as a permanent commercial long-term insurer.

Last year, Meanwhile announced a $19 million in funding from several investors including Sam Altman, Lachy Groom, Gradient Ventures, Muoro Capital, MS&AD, and Hudson Structured Capital Management. The capital raise valued the startup at $100 million.

This approval concludes an 18-month process in which Meanwhile had to establish and demonstrate effective governance, risk management, and compliance systems that met the BMA’s Solvency II-equivalent regulatory requirements.

“This approval validates our innovative approach to life insurance and marks a significant milestone in our mission – allowing us to credibly make promises to our policyholders for decades to come. We are excited to continue innovating within the life insurance industry to bring solutions to the millions of participants in the digital asset economy.” – Zac Townsend, Meanwhile co-founder and CEO.