An insurance startup that pays out policyholders in Bitcoin (BTC) is now reportedly valued at nearly $200 million after a successful Series A fundraising round.

According to a new report by Fortune, crypto life insurance firm Meanwhile has raised $40 million in its latest fundraising round, bringing its valuation to $190 million.

The fundraising round saw the participation of Bitcoin-focused bank Xapo and Silicon Valley mogul Wences Casares.

Meanwhile operates entirely in Bitcoin, requiring policyholders to pay in BTC while beneficiaries receive payouts in the crypto king as well.

Zach Townsend, Meanwhile’s chief executive and co-founder, told Fortune that the company has doubled its valuation since the 2022 funding round.

Townesend tells Fortune that Meanwhile operates in BTC rather than in fiat currency because Bitcoin limits the risks associated with inflation over the long run.

As stated by the CEO,

“It may feel like the dollar is not as sure a store of value as it might have been in the past. So the idea of storing some value for your kids… in this global, censorship-resistant, decentralized, uncontrollable currency in Bitcoin is very attractive.”

Meanwhile makes its profits by investing the BTC it collects from policyholders in order to fulfill its death benefit obligations.

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