Metromile Inc., a digital insurer headquartered in San Francisco, is making Bitcoin [BTC] a core part of its business operations, offering further evidence of the growing mainstream adoption of virtual assets.
In line with an official announcement earlier today on Thursday, it’ll soon give policyholders the choice to buy the insurance and receive payment on eligible insurance claims in BTC or dollars. That makes Metromile the primary insurance firm to both accept premiums and pay insurance claims in cryptocurrency.
Equally as notable, the firm added that it’ll allocate $10 Mln toward Bitcoin within the second quarter. Although it didn’t specify a particular date, a $10 Mln purchase equates to roughly 175.4 BTC at present price levels.
The firm added that it believes accepting cryptocurrency payments “will support its commitment to fairer insurance and promote financial resilience for policyholders as cryptocurrency becomes mainstream and a more good portion of users’ assets.”
Dan Preston, Metromile’s CEO, additionally explained his company’s rationale:
“Supporting DeFi and adding bitcoin as a new payment option is the next logical step for our digital insurance platform and end-to-end AI claims automation. The result’s fairer insurance for all.”
Metromile is a pay-per-mile auto insurer that calculates premium payments and coverage supporting miles driven as against approximations. The firm claims that its coverage produces a mean savings of 47% per annum.