The first investors included OpenAI CEO Sam Altman, former Stripe CEO Lachy Groom; and Gradient Ventures. The funding will allow Insurance Bitcoin to obtain a license from the Bermuda Monetary Authority, as well as launch its first product – full life insurance denominated in bitcoin;
For example, a 35-year-old man in average health would be able to buy an insurance policy with 25 BTC coverage for 10 BTC of premium.
In risk reinsurance, the company was backed by investors Muoro Capital, the venture arm of MS&AD Insurance Group and Hudson Structured Capital Management.
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“Bitcoin is on its way to becoming a global savings vehicle and a functional currency. It makes practical sense for long-term holders of BTC to invest in their life insurance, denominated in this asset. We see the potential for a full-stack life insurance company with the goal of reaching more than a billion people on the planet,” plans Insurance Bitcoin co-founder and CEO Zac Townsend.
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Insurance Bitcoin’s administration says the company’s services will initially be available only to U.S. citizens. The company has no plans to conduct insurance business or sell policies outside the offices and jurisdiction of Bermuda.
In April, CPIC Investment, a subsidiary of the state-owned China Pacific Insurance Company (CPIC), announced
to launch cryptocurrency funds related to investments in blockchain technology and digital asset stacking.