Meanwhile, a Bermuda-based life insurance company operating in Bitcoin issued a fully financial data in 2024-which makes it one of the first companies that work fully in Bitcoin to issue a financial audit at all.
“We are following a tried and installed commercial model, but we lead to everything in Bitcoin,” said Zach Townsen, CEO of Coindesk in an interview. He pointed out that the first life insurance company, a friendly association of a permanent guarantee office, was established in London in 1706, and at the same time follows the same plan today.
Customers pay for insurance for their lives in Bitcoin and get a bitcoin batch once the insurance begins. Payments are not affected by any transformations in the value of the dollar for Bitcoin.
The audit, conducted by Harris & Trotter, explains that in the meantime he had 220.4 BTC in the total assets and was a net income of 25.29 BTC for the year ending December 31, 2024.
Townsin said that Bitcoin is Bitcoin, but it has a different breed from companies such as strategy or metaplanet, which uses detailed financial products to develop Bitcoin. Meanwhile, Bitcoin accumulates by running Bitcoin and generating Bitcoin’s revenues. Moreover, the Bermuda organization in the meantime is prohibited from selling its assets, because most of the company’s bitcoin currency is held on behalf of its customers.
“Having life insurance is somewhat similar to savings,” said Townsennd, adding that it is important to choose a currency that will not suffer from strong inflation, as happened – for example – the Argentine peaso. Life insurance submitted to bitcoin is eliminated by these risks, although documentary holders may suffer from losses if, for example, bitcoin value and failure to recover.
“this [audit] “The important and founding step in re -imagining the financial system based on one and universal standard is outside the control of any one government.”
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