AXA Switzerland Allows Customers to Pay in Bitcoin
The insurance provider says it will have the crypto converted into Swiss francs, instead of carrying BTC on its balance sheet.
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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