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 (ETH).

The company, whose goal is to merge life insurance with blockchain technology, said the capital will accelerate product development, expand its footprint across Asia and support ongoing operations as it builds out its crypto-linked insurance platform, according to a press release on Wednesday.

The worlds of cryptocurrency and insurance generally meet when it comes to providing cover for loss or theft of crypto assets held in cold storage custody and the like. But Anthea has recently received in-principle approval from the Bermuda Monetary Authority to offer insurance denominated in digital assets.

The structure of Anthea’s policy parallels any traditional life insurance policy, except it’s denominated in cryptocurrency, so premiums, claim payments, maturity payouts and loans will all be handled in the policy’s cryptocurrency.

The approach also targets crypto investors who want protection without converting their holdings into fiat. 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’s 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 instance, Yunfeng Financial Group, which holds licenses from the Hong Kong Securities and Futures Commission, has a controlling stake in MassMutual Insurance, and also holds a long-term insurance license and MPF trustee qualification from the Hong Kong Insurance Authority.

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