Metromile, a San Francisco based car insurance tech startup with $140 million in revenue has just announced they will buy $10 million bitcoin in Q2 of 2021 “to adopt cryptocurrency as an additional choice for insurance premiums and payment of claims.”
The company said they will allow policyholders to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars. They will accept premiums and pay claims in cryptocurrency.
“Metromile gives drivers control over how they want to pay for insurance. We started by giving drivers an opportunity to save 47% a year by paying per mile, and now we want to offer people the flexibility to pay and be paid how they want,” said Metromile Chief Executive Officer Dan Preston before adding:
“We believe in the transformative potential of blockchain technology. We are still in the early days of realizing how this shift to decentralized finance and cryptocurrency will create enduring advantages in insurance, but we believe that offering bitcoin as an option for premium and claims payments would be an important first step.
Technology has always led our work at Metromile, and the rapid change in financial infrastructure being realized now must be embraced as we chart our course for the decades ahead.”
This is the first insurance company that plans to pay in crypto as fas as we are aware, with bitcoin’s adoption so expanding in quiet interesting ways to now include insurance premiums.