Bitcoin life insurance innovator Meanwhile Group has come out with a private credit fund denominated in Bitcoin (BTC). The closed fund will offer investors a “conservative” yield in Bitcoin and lend funds in BTC to institutional counterparties at the managers’ discretion.
Meanwhile Advisors are targeting a 5% yield on the Meanwhile BTC Private Credit Fund term. By vetting loan recipients, the fund “effectively mitigates” the risk associated with retail platforms that provide loans predominantly to individuals, the company said in a statement.
Related: Coinbase launches crypto lending platform for US institutions
Fund participants will invest U.S. dollars that will be converted into BTC at the fund’s close. Funds will be loaned in BTC and fees will be charged in BTC. Meanwhile Group co-founder and CEO Zac Townsend said:
“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.”
Meanwhile Group is backed by OpenAI and Worldcoin CEO Sam Altman, former Stripe executive Lachy Groom and Google-linked Gradient Ventures, among others.
Perhaps never a better time to lock in the long-term…
