Startup Secures $40M for Bitcoin-Denominated Life Insurance

Meanwhile, a U.S.-based startup focused on life insurance and annuities denominated in bitcoin, has successfully closed a $40 million Series A funding round. Led by venture capital firms Framework and Fulgur Ventures, with participation from prominent Bitcoin advocate Wences Casares, the funding aims to bolster the startup's innovative approach to offer insurance products in bitcoin. This approach is designed to provide policyholders with protection against inflation and currency devaluation, particularly in regions with volatile local currencies. The influx of capital will support the company's ambitious plan to become the largest long-term insurance and savings company globally, impacting traditional life insurance markets by introducing cryptocurrency as a standard for payouts.

The company, which obtained a digital life insurer license in Bermuda, will utilize the investment for a rapid global expansion, with a focus on areas affected by economic instability. Besides changing the landscape of life insurance by pricing premiums and benefits in bitcoin, the startup also faces the challenges associated with bitcoin's price volatility, adding a layer of risk for policyholders.