Metromile, a San Francisco-based car insurance startup, has announced that it plans to allow policyholders to pay for insurance and receive payment for insured claims in bitcoin (EXANTE: Bitcoin). Thus, the San Francisco-based startup will be the first insurance company to accept premiums and pay claims in cryptocurrency.
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According to a press release, the company wants to purchase up to $10 million of bitcoin in Q2 2021. Metromile believes that allowing cryptocurrency payments will support its commitment to fairer insurance, the company said. Metromile Chief Executive Officer, Dan Preston, claims that the company believes in the "transformative potential of blockchain technology" as the insurance market is still in the early days of realizing of decentralized finance.
Last April, the Switzerland-based arm of AXA, a French multinational insurance company, opened its clients a way to pay bills with bitcoin. The company said that the decision to accept the cryptocurrency represents a response to "growing customer demand for more choice when it comes to payments."
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