Metromile announced that it is set to purchase Bitcoin worth $10 million in the second quarter of this year to mark its adoption of cryptocurrencies. The company deals in Vehicle insurance and is based in San Francisco. The purchase of Bitcoin suggests that the company is all set to adopt the blockchain and crypto innovation.
Metromile, which is a tech startup currently boasts of a $140 million revenue and has taken steps to add more insurance premiums and payment options for its clients. The company will now permit its clients to make payments and receive payments for insurance policies in Bitcoin. Policyholders however who chose to receive their premiums in fiat or dollars can still be paid in their preferred currency.
Metromile Joins the Bitcoin League
The CEO of Metromile made it clear that the company is interested in making access to the insurance easy for its clients. The recent flexible payment system offered by the company will ensure that they have more happy clients. Earlier on, the company had given drivers the chance to save about 50% yearly by introducing the pay per mile model in its insurance policy.
Dan Preston went further to state that Metromile believes in the transformative potential of the blockchain technology. While acknowledging that the blockchain is still in its early days, he affirmed that introducing Bitcoin as an alternate payment option for its consumers is the first step in embracing this technology. “This shift to cryptocurrency and DeFi will create long-lasting advantages in the insurance space”, he said.
The company has always welcomed technological innovations and at the moment, it is bracing itself for the presumed change in the finance system that will come up in the next few years.
Preston claimed that as much as they know, the organization is the first in the insurance ecosystem to make plans to pay and accept payments in cryptocurrencies. It is possible that the bold step taken by the company in terms of innovation will be replicated by other similar institutions.