Home Crypto Nasdaq-Listed Metromile Backs Bitcoin for its Insurance Products

Nasdaq-Listed Metromile Backs Bitcoin for its Insurance Products

San Francisco-based Nasdaq-listed auto insurance coverage firm Metromile Inc has joined the rising checklist of corporations constructing the ecosystem round Bitcoin and cryptocurrencies on the whole.

As reported by Forbes, the corporate is about to start accepting cryptocurrency funds from its policyholders whereas it additionally asserted its plans to pay out digital currencies when claims are made.

While there are insurance coverage companies already integrating and accepting crypto funds, the transfer to pay out claims in digital currencies will place Metromile as the primary agency to discover this selection, a transfer CEO Dan Preston famous: “is the subsequent logical step” for the digital insurance coverage platform and its synthetic intelligence-powered claims course of.

Metromile “launched this selection to assist the growing demand for Bitcoin and cryptocurrency funds from our clients. We’ve deliberate to assist Bitcoin for years, however it wasn’t till not too long ago that the technology and shopper adoption of Bitcoin was widespread sufficient for us to supply this,” says Rick Chen, Metromile spokesperson. Chen added that the date for the crypto choices to kickstart the crypto cost choices has not been set but.

In addition to its optimistic strikes with crypto, Metromile introduced it is going to be buying a complete of $10 million in Bitcoin at a later date on this second quarter, a transfer that’s important to its proposed Bitcoin transactions. Metromile says it “believes permitting cryptocurrency funds will assist its dedication to fairer insurance coverage and promote monetary resilience for policyholders as cryptocurrency turns into mainstream and a extra significant slice of customers’ belongings.”

Metromile understands the regulatory issues that encompass Bitcoin and says it is able to work with regulators to profile its new ambitions to become involved with cryptocurrencies. With Metromile, the variety of public US companies supporting a variety of crypto funds is growing. Elon Musk’s Tesla Inc announced it’s going to start accepting Bitcoin funds for its electrical automobile merchandise, whereas Mark Cuban’s Dallas Mavericks accepts Dogecoin funds for its merchandise. 

Image supply: Shutterstock

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