Metromile, a Nasdaq-listed auto insurance company, has invested $1 million in bitcoin.
The investment is part of a long-term plan that will see Metromile “become the first insurance company to allow policyholders the option to pay for insurance and receive payment for eligible claims in either bitcoin or dollars.”
As the adoption of cryptocurrency grows rapidly worldwide, the San Francisco-based company says it is becoming clear that the decentralisation of finance has the potential to shift consumer behaviour and financial infrastructure.
“We believe that allowing cryptocurrency payment is fully aligned with our commitment to innovation, equitability, and promoting financial resilience,” said Metromile in a Q1 letter to shareholders.