San Francisco-based auto insurance company Metromile Inc, listed on the Nasdaq, has joined the growing list of companies building the bitcoin and bitcoin ecosystem Cryptocurrencies in general.
As reported by Forbes, the company is expected to accept cryptocurrency payments from its policyholders while enforcing its plans to withdraw digital currencies in the event of damages.
While there are insurance companies that already integrate and accept crypto payments, Metromile will be the first to explore this option when it comes to paying claims in virtual currencies. A step that CEO Dan Preston noted: “Is the next logical step” for the digital insurance platform and its artificial intelligence-based claims process.
Metromile “introduced this option to support our customers’ increasing demand for Bitcoin and cryptocurrency payments. We’ve planned to support Bitcoin for years, but it wasn’t until recently that the technology Bitcoin consumer acceptance was widespread enough to be able to offer this, ”said Rick Chen, spokesman for Metromile. Chen added that the date for the crypto options has not yet been set for the kickstart of the crypto payment options.
In addition to the positive moves at Crypto, Metromile announced it would buy a total of $ 10 million in Bitcoin later this second quarter. This step is crucial for the planned Bitcoin transactions. Metromile believes that “allowing cryptocurrency payments will help drive commitments to fairer insurance and improve policyholder financial resilience as cryptocurrency becomes mainstream and constitutes a larger chunk of consumer wealth.”
Metromile understands the regulatory concerns affecting Bitcoin and says it stands ready to work with regulators to showcase its new ambitions for dealing with cryptocurrencies. With Metromile, the number of US public companies that support a wide range of crypto payments is increasing. Elon Musk’s Tesla Inc announced it will accept bitcoin payments for its electric vehicle products, while Mark Cuban’s Dallas Mavericks is accepting Dogecoin payments for its goods.
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