Bitcoin life insurance innovator Meanwhile Group has come out with a private credit fund denominated in Bitcoin (BTC). The closed fund will offer investors a “conservative” yield in Bitcoin and lend funds in BTC to institutional counterparties at the managers’ discretion.
Meanwhile Advisors are targeting a 5% yield on the Meanwhile BTC Private Credit Fund term. By vetting loan recipients, the fund “effectively mitigates” the risk associated with retail platforms that provide loans predominantly to individuals, the company said in a statement.
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Fund participants will invest U.S. dollars that will be converted into BTC at the fund’s close. Funds will be loaned in BTC and fees will be charged in BTC. Meanwhile Group co-founder and CEO Zac Townsend said:
“This private credit fund offers unparalleled potential for institutional investors to unlock the full value of their BTC holdings without compromising their ownership, seizing a unique opportunity for optimized returns.”
Meanwhile Group is backed by OpenAI and Worldcoin CEO Sam Altman, former Stripe executive Lachy Groom and Google-linked Gradient Ventures, among others.
Perhaps never a better time to lock in the long-term HODL with BTC life insurance 😉 pic.twitter.com/YrkDmaRQKe
— Zac Townsend (@ztownsend) December 4, 2023
Meanwhile Group launched Bermuda-based Meanwhile Insurance in June with $19 million in funding. It accepts premiums and pays benefits exclusively in BTC. Coverage is available only in the United States at present, but it is waitlisting citizens of other countries as well. Meanwhile offers whole life insurance, which is a policy that has a cash — BTC — value in addition to a death benefit.
Bitcoin-related technology and investment services provider New York Digital Investment Group said in 2021 that it had secured $100 million in funding from major insurance providers to launch “Bitcoin-powered solutions for U.S.-based life insurance and annuity providers.”
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