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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