Metromile Inc., a digital insurer is all set to make the first digital currency Bitcoin (BTC) a core part of its business operations. The company will allocate $10 million towards Bitcoin in the second quarter. Headquartered in San Francisco, the insurer offers evidence of increasing the adoption of digital assets in the sphere.
Metromile Accept $10M Bitcoin Purchase
Metromile, a pay-per-mile auto insurer that calculates premium coverage based on miles driven and payments as opposed to approximations. As per the claims of the company, the insurance coverage produces average savings of 47% per year.
The company’s official announcement of Thursday reads,
“It will soon give policyholders the option to pay for insurance and receive payment on eligible insurance claims in BTC or dollars. That makes Metromile the first insurance company to both accept premiums and pay insurance claims in cryptocurrency.”
Equally as notable, the company said,
“It will allocate $10 million toward Bitcoin in the second quarter. Although it didn’t specify an exact date, a $10 million purchase equates to roughly 175.4 BTC at current price levels.”
Supporting DeFi and Adding Bitcoin Result in Fairer Insurance
The fourth-quarter earnings call was held by Metromile in the previous month. It discloses a considerable increase in the policies of the force. The Insurance revenue of the company was slightly down when compared with 2019, which proves to be a big year in terms of growth of the company.
And believes that accepting crypto payments,
“Will support its commitment to fairer insurance and promote financial resilience for policyholders as cryptocurrency becomes mainstream and a more significant portion of consumers’ assets.”
Metromile’s Chief Executive Officer (CEO), Dan Preston further detailed the company’s reasons, stating,
“Supporting decentralized finance 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 is fairer insurance for all.”