Meanwhile Group, a pioneer in Bitcoin life insurance, has unveiled a novel private credit fund that operates with Bitcoin as its currency. This exclusive fund is designed to offer investors a modest yield in Bitcoin, while granting loans in BTC to select institutional clients as determined by the fund’s managers.
Aiming for a 5% yield, the Meanwhile BTC Private Credit Fund adopts a meticulous approach in choosing its loan beneficiaries. This strategy is intended to lower the risks typically associated with retail lending platforms that predominantly cater to individual borrowers, as outlined in the company’s recent statement.
Contributors to the fund will initially invest in U.S. dollars, which will then be converted into Bitcoin when the fund concludes. Both the issuance of loans and the charging of fees will be conducted in Bitcoin. Zac Townsend, co-founder and CEO of Meanwhile Group, highlighted the fund’s unique capacity to enable institutional investors to maximize the value of their Bitcoin holdings, maintaining ownership while seeking enhanced returns.
Meanwhile Group, supported by prominent figures like OpenAI and Worldcoin CEO Sam Altman, former Stripe executive Lachy Groom, and Google’s Gradient Ventures, continues to innovate in the Bitcoin sector.
Earlier, the group launched Meanwhile Insurance in Bermuda, starting with $19 million in funding. This venture exclusively uses Bitcoin for premium payments and benefit payouts. While it currently serves only the U.S. market, it is preparing to expand to other countries. The company offers whole life insurance policies that provide both a Bitcoin cash value and a death benefit.
In a related move, New York Digital Investment Group, specializing in Bitcoin-centric technology and investment services, announced in 2021 its acquisition of $100 million from major insurance firms. This investment is directed towards creating Bitcoin-based solutions for life insurance and annuity providers in the United States.
