Meanwhile Group, a pioneer in Bitcoin life insurance, has introduced a groundbreaking private credit fund denominated in Bitcoin.
This exclusive fund is closed to investors and promises a “conservative” yield in Bitcoin, while also extending BTC-based loans to institutional counterparts at the discretion of the fund managers.
The Meanwhile BTC Private Credit Fund, managed by Meanwhile Advisors, sets its sights on achieving a 5% yield for its participants.
One of its distinguishing features is its meticulous screening of loan recipients, effectively mitigating risks often associated with retail lending platforms that primarily serve individuals, as stated by the company.
Investors in the fund will contribute U.S. dollars, which will be converted into Bitcoin when the fund reaches its closure.
All funds lent out will be in Bitcoin, and fees will be assessed and collected in the same cryptocurrency.
Zac Townsend, co-founder and CEO of Meanwhile Group, emphasized the unique opportunity this private credit fund presents to institutional investors.
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It enables them to maximize the value of their Bitcoin holdings without relinquishing ownership.
Notably, Meanwhile Group enjoys the support of prominent figures and entities in the tech and finance sectors, including Sam Altman, CEO of Worldcoin, Lachy Groom, a former executive at Stripe, and Gradient Ventures, a Google-affiliated venture capital fund.
Meanwhile Group’s previous venture, Meanwhile Insurance, was launched in Bermuda in June with an initial funding of $19 million.
This innovative insurance provider exclusively accepts premiums and pays out benefits in Bitcoin.
While currently only available in the United States, the company is in the process of expanding its services to citizens of other countries through a waitlist.
Meanwhile Insurance specializes in whole life insurance policies, which not only offer a death benefit but also accrue a cash value in Bitcoin over time.
This move towards integrating Bitcoin into the insurance and financial sectors is part of a broader trend. In 2021, New York Digital Investment Group secured a substantial $100 million in funding from major insurance providers.
Their objective is to introduce “Bitcoin-powered solutions” for U.S.-based life insurance and annuity providers, further highlighting the growing intersection of cryptocurrencies and traditional financial services.
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