The Meanwhile Group, supported by prominent figures like Sam Altman and Gradient Ventures, has launched a new Bitcoin private credit fund. The objective of this fund is to provide investors with a steady return in Bitcoin and lend to institutional players. To mitigate the risks typically associated with lending to individuals, the fund is being cautious about its borrowers. Investors contribute in US dollars, which are then converted into Bitcoin at the end of the fund. Additionally, all loans and fees are denominated in Bitcoin. Zac Townsend, the CEO of Meanwhile Group, sees this as an excellent opportunity for investors to maximize their Bitcoin holdings without relinquishing ownership.
Meanwhile Group’s other venture, Meanwhile Insurance, has already made waves in the Bitcoin space. Based in Bermuda, the company exclusively deals with life insurance policies that operate entirely in Bitcoin. While their services are currently limited to US customers, the plan is to expand globally.
This private credit fund is in line with the growing trend of major players entering the Bitcoin and cryptocurrency market. For instance, in 2021, the New York Digital Investment Group received $100 million from major insurance providers to bring Bitcoin solutions to life insurance and annuity providers in the US.
VanEck, a well-known player in mutual and exchange-traded funds, is also fully embracing Bitcoin by attempting to launch its own Bitcoin ETF. Interestingly, they have chosen “HODL” as the ticker symbol, demonstrating their commitment to Bitcoin culture. Despite setbacks, VanEck remains determined and is hopeful about receiving regulatory approval soon. If successful, this could result in a significant influx of funds into Bitcoin and other digital currencies.
Numerous financial firms, including BlackRock, are eager to enter the Bitcoin ETF market in the US, although it is currently not permitted. However, there is growing optimism that the situation will change. The crypto world is poised to become even more intriguing, so stay tuned for more updates.
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