Key facts
- Meanwhile, a Bitcoin-focused life insurer, raised $37.5 million in new funding.
- Bain Capital Crypto led the new funding round for Meanwhile.
- Ledger is investigating potential crypto losses linked to its authorized reseller CryptoBilis.
- Onchain investigators estimate over $72 million in cryptocurrency may have been stolen.
- ESMA is seeking industry feedback on the use of tokenized collateral in clearinghouses.
Meanwhile, a life insurer licensed to operate entirely in Bitcoin and backed by OpenAI CEO Sam Altman, announced $37.5 million in new funding from existing investors, bringing its total raised to over $180 million. The round was led by Bain Capital Crypto and included participation from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. The company cited increased international demand for its Bitcoin life insurance policies, particularly from Asia, Europe, and the Middle East, amid global economic instability. Zac Townsend, Meanwhile's co-founder and CEO, stated that the funding will help meet demand from wealthy families seeking regulated ways to pass on Bitcoin holdings.
Separately, hardware wallet manufacturer Ledger is investigating reports of cryptocurrency losses involving devices sold by CryptoBilis, an authorized reseller in Indonesia, Malaysia, and the Philippines. Ledger has instructed CryptoBilis to suspend sales and shipments while the investigation proceeds. Customers who purchased devices from CryptoBilis in the past 90 days have been advised not to activate them, and existing users are recommended to transfer their holdings to a new Ledger wallet. Onchain investigators have identified addresses allegedly connected to over $72 million in stolen cryptocurrency, with one researcher estimating losses exceeding $86 million across Bitcoin, Ethereum, and Tron. Ledger has stated that its own infrastructure has not been compromised and has not received similar reports from devices sold through its direct channels.
In regulatory news, the European Securities and Markets Authority (ESMA) has issued a call for evidence to gather industry feedback on the implications of using tokenized collateral in clearinghouses. ESMA Chair Verena Ross emphasized the need to create conditions for tokenized markets to operate safely and at scale across borders with legal certainty and appropriate supervision. The review aims to determine if existing EU rules adequately ensure clearinghouses can access and liquidate tokenized collateral during member defaults, as such collateral is increasingly being used in live European clearing operations.