Meanwhile Group Unveils Bitcoin Private Credit Fund, Expanding Cryptocurrency Insurance Reach
Summary:
Meanwhile Group has launched a Bitcoin denominated private credit fund offering conservative Bitcoin yields to investors and lending BTC to vetted institutional parties. The Meanwhile Insurance, launched in June, accepts premiums and dispenses benefits solely in BTC. The group is backed by recognized names such as Sam Altman and Lachy Groom.
The Meanwhile Group, an innovator in offering life insurance in Bitcoin, has announced the launch of their BTC private credit fund. This close-ended fund promises to deliver a ‘conservative’ yield in Bitcoin to investors while lending BTC to institutional parties, subject to the management’s approval. The Meanwhile Advisors' objective is to achieve a 5% yield on the Meanwhile BTC Private Credit Fund term. They will appraise loan beneficiaries, which will reduce the risks compared to retail platforms which primarily loan to individuals, according to the official company statement. Related: US institution-targeted crypto lending platform launched by Coinbase. Investors will commit their investments in USD which will be translated into BTC at the time of closing of the fund. The loaning of funds and the charging of fees will be done in BTC. Zac Townsend, co-founder and CEO of Meanwhile Group stated, “The unique advantage of this private credit fund is that institutional investors can fully leverage their BTC holdings without giving up their ownership, thereby optimizing returns.” Among others, Sam Altman, the CEO of Worldcoin and OpenAI, Lachy Groom, former executive at Stripe and Gradient Ventures associated with Google back the Meanwhile Group.
The Meanwhile Insurance, based out of Bermuda and a functional arm of the Meanwhile Group, was launched in June with a seed capital of $19 million. They exclusively accept premiums and disburse benefits in BTC. Although they presently offer coverage only in the United States, they are open to accepting applications from citizens of other countries as well. Their offering includes whole life insurance, a policy that includes a death benefit as well as a cash value in BTC. In 2021, the New York Digital Investment Group, a provider of Bitcoin-related technologies and investment services claimed to have obtained $100 million from significant insurance providers to introduce “Bitcoin-powered solutions for life insurance and annuity providers based in the U.S.”
Published At
12/8/2023 12:58:32 AM
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