The Swiss arm of insurance giant AXA will allow its customers to pay their premiums in bitcoin.

  • In order to “meet growing demand,” AXA has enabled private customers to pay for all non-life products with bitcoin, according to the announcement Thursday.
  • Life insurance products do not carry this option for “regulatory reasons.”
  • AXA confirmed, however, that it will not be holding any bitcoin on its balance sheet. Bitcoin paid goes to broker Bitcoin Suisse, which will convert them into Swiss francs.
  • Customers will incur a 1.75% fee charged by Bitcoin Suisse for using this option.
  • AXA’s announcement cited research from 2019 that showed one-third of its customers aged between 18 and 55 already owned crypto or showed interest in doing so.
  • The insurance provider said it intends to “gather some experience” with bitcoin before deciding whether to accept other cryptocurrencies.

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