Anthea, a Bermuda-based crypto life insurer, has raised $22 million in a Series A round led by Yunfeng Financial Group to launch what it calls the world’s first life insurance product denominated in Ethereum tokens. .
The company, which aims to merge life insurance with blockchain technology, said the capital will accelerate product development, expand its presence in Asia and support ongoing operations as it builds out its crypto-linked insurance platform, according to a press release Wednesday.
The cryptocurrency and insurance worlds generally coincide when it comes to providing coverage for loss or theft of crypto assets held in cold storage and the like. But Anthea recently received in-principle approval from the Bermuda Monetary Authority to offer digital asset-denominated insurance.
Anthea’s policy structure parallels any traditional life insurance policy, except it is denominated in cryptocurrency, so premiums, claim payments, maturity payments, and loans will be handled in the policy’s cryptocurrency.
The approach also targets cryptocurrency investors who want protection without converting their holdings to fiat money. The company also plans to integrate blockchain payment systems and explore ways to generate yield from crypto reserves.
“This funding round is more than capital – it is a partnership with investors who share our vision,” said CEO Alex Pei, noting that Anthea’s backers include experienced players in insurance and fintech.
For example, Yunfeng Financial Group, which holds licenses from the Hong Kong Securities and Futures Commission, has a majority stake in MassMutual Insurance and also holds a long-term insurance license and MPF trustee qualification from the Hong Kong Insurance Authority.
