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December 5, 2022
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Metromile to adopt Bitcoin for insurance and claims premiums

Auto insurance company Metromile Inc, based in San Francisco and listed on Nasdaq, has joined the growing list of companies that are building the ecosystem around Bitcoin and cryptocurrencies in general.

According reported by Forbes, the company is ready to start accepting cryptocurrency payments from its policyholders, while also stating its plans to pay in digital currencies when claims are made.

Although insurance companies already integrate and accept crypto payments, the move to pay indemnities in virtual currencies will place Metromile as the first company to explore this option, a move that CEO Dan Preston noted: “is the next logical step” for the digital insurance platform and its claims process powered by artificial intelligence.

Metromile “launched this option to support the growing demand for Bitcoin and cryptocurrency payments from our customers. We have been planning to support Bitcoin for years, but it was not until recently that Bitcoin technology and consumer adoption was widespread so that we could offer it, ”said Rick Chen, a spokesman for Metromile. Chen added that the cryptocurrency payment date has not yet been set.

In addition to its positive movements with the cryptocurrency, Metromile has announced that it will buy a total of $ 10 million in Bitcoin at a later date in this second quarter, a move that is essential for your proposed Bitcoin transactions.

Metromile claims that:

It believes that allowing cryptocurrency payments will support its commitment to fairer insurance and promote financial resilience for policyholders as the cryptocurrency becomes dominant and a more significant portion of consumers’ assets.

Metromile understands the regulatory concerns surrounding Bitcoin and says it is ready to work with regulators to profile its new ambitions to engage with cryptocurrencies. With Metromile, the number of US public companies that support a wide range of crypto payments is increasing. Tesla Inc, by Elon Musk, announced who will start accepting Bitcoin payments for his electric vehicle products, while Mark Cuban’s Dallas Mavericks accepted Dogecoin payments for your goods.

Source: Blockchain News

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