San Francisco-based Metromile, which sells pay-per-mileage car insurance on its digital platform, announced that it will soon allow customers to pay bills and receive refunds in Bitcoin.
Metromile is the first insurance provider to make such a move. https://t.co/YfkUV2lWso
– TheStreet (@TheStreet) May 6, 2021
The firm plans to acquire the first cryptocurrency in the amount of $ 10 million in the second quarter of 2021 to secure its solution.
The company said that “permitting payments in cryptocurrency will support its pursuit of fairer insurance and increase the financial strength of policyholders.”
“Metromile gives drivers the ability to choose how they want to pay for their insurance. We started by giving people the opportunity to save 47% per year by paying per mile, and now we want to offer the flexibility to pay and reimburse them, ”said CEO Dan Preston.
Metromile noted that it will work closely with regulators to resolve possible problems.
The company did not indicate the timing of the introduction of payments in cryptocurrency and the acceptance of contributions.
Recall that in April 2021, the Swiss division of one of the world’s largest insurance companies, AXA Group, added the option of paying bills in bitcoin for customers.
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