US-based digital insurance platform pay-per-mile car insurance company MetroMile is set to start accepting insurance premiums in cryptocurrency.
The company announced that it will soon allow policyholders with the option to pay for insurance in bitcoin.
The policyholders will also have the option to receive eligible and approved insured claims in bitcoin.
Metromile plans to buy $10m of bitcoin in this quarter to add cryptocurrency as an additional payment choice apart from USD.
Metromile CEO Dan Preston said: “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.”
The company also added that it intends to work with regulators to satisfy any concerns as it seeks to expedite claims resolution process.
Preston added: “We believe in the transformative potential of blockchain technology. We are still in the early days of realising how this shift to decentralised 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 realised now must be embraced as we chart our course for the decades ahead.”
Based in San Francisco, Metromile focuses on providing real-time, personalised auto insurance policies.
The company secured a $50m investment earlier this year from former Uber executive Ryan Graves.