The world’s first cryptocurrency insurance company will allow life insurance in bitcoin

Insurance Bitcoin, a life insurance company focused entirely on cryptocurrencies, has announced that it has raised $ 19 million in two rounds of investment. The company’s first investors are OpenAI CEO Sam Altman, former Stripe CEO Lachie Groom, and Gradient Ventures. The funding will allow Insurance Bitcoin to obtain a license from the Bermuda Monetary Authority and launch its first product — full life insurance denominated in bitcoin.

The company explains that, for example, a 35-year-old man in good health will be able to buy an insurance policy with a coverage of 25 BTC for 10 BTC of premium.

«Bitcoin is on its way to becoming both a global savings vehicle and a functional currency. Long-term BTC holders should invest in life insurance denominated in this asset. It makes practical sense. We see the potential to create a full-stack life insurance company with the goal of reaching more than a billion people on the planet,» says Zach Townsend, co-founder and CEO of Insurance Bitcoin.

In the field of risk reinsurance, the company was supported by investors Muoro Capital, the venture capital arm of MS&AD Insurance Group, and Hudson Structured Capital Management

The administration of Insurance Bitcoin has announced that initially, the company’s services will be available only to US citizens. The firm does not plan to conduct insurance business and sell policies outside the offices and jurisdiction of Bermuda.

It is worth noting that OpenAI CEO Sam Altman has already been noted for his participation in bizarre projects related to digital assets. Earlier, we talked about his Worldcoin crypto project. Altman plans to distribute his cryptocurrency to all the inhabitants of the planet just for being human. However, to do so, users need to go through a special verification procedure. Users have to look into a giant ball that scans the iris of their eyes. Since irises are unique, like fingerprints, scanning them allows you to create a unique digital identifier (World ID) on the blockchain and eliminate the use of bots or the registration of multiple accounts.