Meanwhile Group Launches Bitcoin-Denominated Private Credit Fund
Meanwhile Group introduces a private credit fund denominated in Bitcoin, providing institutional investors with optimized returns without compromising ownership.
Meanwhile Group, a Bitcoin life insurance, has introduced a private credit fund denominated in Bitcoin. This closed fund aims to provide investors with a "conservative" Bitcoin yield, lending funds in BTC to institutional entities based on the discretion of the fund managers.
The Meanwhile BTC Private Credit Fund is targeting a 5% yield. The fund focuses on carefully selecting loan recipients, aiming to reduce the risks often associated with retail platforms that primarily lend to individual borrowers. This approach was detailed in a recent company statement.
Investors in the fund will contribute U.S. dollars, which will be converted to BTC upon the fund's closure. Loans will be issued in BTC, and fees will also be charged in the same cryptocurrency. Zac Townsend, co-founder and CEO of Meanwhile Group, emphasized the unique opportunity this fund presents for institutional investors to leverage their BTC holdings for optimized returns without relinquishing ownership.
“This private credit fund offers unparalleled potential for institutional investors to unlock the full value of their BTC holdings without compromising their ownership, seizing a unique opportunity for optimized returns.”
Backed by notable figures and entities like OpenAI and Worldcoin CEO Sam Altman, former Stripe executive Lachy Groom, and Google-affiliated Gradient Ventures, Meanwhile Group is expanding its innovative offerings in the Bitcoin space.
In June, the group launched Meanwhile Insurance in Bermuda with $19 million in funding. This venture operates exclusively with BTC, accepting premiums and disbursing benefits in the cryptocurrency. Currently available only in the United States, it offers whole life insurance policies that include both a cash value (in BTC) and a death benefit. The company is also waitlisting interested individuals from other countries.
In a related development, New York Digital Investment Group, a provider of Bitcoin-related technology and investment services, announced in 2021 that it had secured $100 million from major insurance providers. This funding is aimed at developing Bitcoin-based solutions for life insurance and annuity providers in the U.S.