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Auto Insurer to Allow Policyholders to Send, Receive Payments in Bitcoin
San Francisco-based Metromile will purchase $10 million worth of bitcoin to offer policyholders an option for payment of claims.
Customers of auto insurance company Metromile will soon be able to pay premiums and accept claim payments in bitcoin.
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- Nasdaq-listed Metromile (MILE, MILEW) will be the first insurance company to offer both crypto services, the firm said in an announcement Thursday.
- The San Francisco-based startup, which offers pay-per-mile auto insurance, will purchase $10 million worth of bitcoin in Q2 2021 to offer policyholders as an option for payment of claims.
- Metromile said this would promote “financial resilience” as cryptocurrency becomes more mainstream and forms a more significant portion of consumers’ assets.
- The Swiss arm of insurance giant AXA announced in April that it would be giving customers the option to pay premiums in bitcoin.
- However, it stressed that bitcoin received would not be carried on the firm’s balance sheet, but converted into fiat through broker Bitcoin Suisse.
See also: NYDIG Raises $100M From Insurance Giants in Latest Round
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
