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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.

May 6, 2021 at 2:51 p.m. UTC
Updated Sep 14, 2021 at 12:51 p.m. UTC

Customers of auto insurance company Metromile will soon be able to pay premiums and accept claim payments in bitcoin.

  • 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. 

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