Meanwhile, the first regulated life insurance company that operates completely in Bitcoin said Tuesday that it has raised $ 82 million to scale its savings and retirement products aimed at protecting against inflation and currency evaluation.
The financing round was co-led by Bain Capital Crypto and Haun Ventures, with the participation of Panttera Capital, Apollo, Northwestern Mutual Future Ventures and Stillmark, divided the company in a press release with Coindesk. The mound follows a $ 40 million round in April led by Fulgur Ventures and Framework, while Openai CEO Sam Altman was an early investor.
Founded in Bermuda, meanwhile, life insurance and annuity products offer denominated in BTC, which allows policyholders to save and transfer assets in an asset with a fixed supply. The service aims to protect customers from inflation and currency enlargement over time, but policyholders also take on Bitcoin’s award volatility. Its products are regulated by Bermuda monetary authority and designed to mirror traditional long -term financial tools, but in BTC.
The company earns a return on kept Bitcoin through long -term lending to private credit markets, which helps it fulfill claims obligations and maintain solvency standards similar to older insurance companies.
“Life insurance companies have always delivered the stable, long -term capital that keeps the financial markets in motion,” Zac Townsend, CEO of in the meantime, said in a statement. “We bring the same role to Bitcoin-to help families save and protect wealth in BTC, while giving institutions new ways of earning returns and launching Bitcoin-indexed products that are compatible and easy to scale.”
Meanwhile, approach has found traction among both individuals and institutions that emphasize an increase in interest from customers seeking alternatives to dollar-based insurance and state box products, the company says. The company said its Bitcoin assets under management have grown over 200% this year, surpassing Bitcoin’s 34% year to date to detect heights.
“At Haun Ventures, our dissertation is that the Bitcoin economy needs more than trading platforms and dats – it needs the core barley in the capital markets,” Chris Ahn, partner at Haun Ventures, said in a statement. “Just as the US economy was built on insurance, pensions and mortgage loans, the Bitcoin economy will demand its own financial products of long duration.”
The company said the new capital will be used to collaborate with traditional insurance companies, grow internationally and develop new Bitcoin-bound retirement tools that meet regulatory standards.
