Meanwhile, the Bermuda-based life insurance company, which is fully operated on Bitcoin, has released its 2024 audited financial statements.
“We follow a proven business model, except for all of Bitcoin,” Zach Townsend, CEO in the intervening, told Coindsk in an interview. The first life insurance company, the friendly association of permanent guarantee offices, was founded in London in 1706, he notes, while based on the same blueprint today.
The client pays for life insurance in Bitcoin and receives Bitcoin payments once insurance begins.
An audit conducted by Harris & Trotter shows that, on the other hand, there was 220.4 BTC in total assets, with a net profit of 25.29 BTC for the year ended December 31, 2024.
Meanwhile, Townsend is a Bitcoin finance company, which is a different breed from companies like Strategy and Metaplanet, and uses elaborate financial products to grow Bitcoin Stash. Meanwhile, they accumulate Bitcoin by running a Bitcoin business and generating Bitcoin revenue. Moreover, Bermuda regulations prohibit the sale of assets, as most of our Bitcoin is held on behalf of our clients.
“Owning life insurance is a bit like having savings,” Townsend said. He added that it is important to choose a currency that does not suffer from strong inflation, for example the Argentinean peso. Bitcoin excludes the risk, but policyholders could suffer losses if, for example, the value of Bitcoin crashes and cannot be recovered.
“This (audit) is an important foundational step in rethinking the financial system based on a single global, decentralized standard that is outside the control of one government,” Townsend added.
