Breaking: Metromile Insurance to buy $10 M in Bitcoin and Add Bitcoin Payment Option

Metromile, the digital insurance firm has become the latest public insurance company to add Bitcoin to its balance sheet as it announced that it would be buying $10 million in Bitcoin in the second quarter of this year. Apart from adding Bitcoin to their balance sheet, it would also allow customers to pay premiums for their insurance in Bitcoin, making them the first company to do both.

The firm said the decision was based on the growing demand for cryptocurrencies and they wanted to be at the forefront of helping their customers get all payment options. Being one of the few insurance companies with a fully automated system for paying premiums where Drivers pay only for what they use with Metromile’s real-time, personalized auto insurance policies priced and billed by the mile, the firm believes in adding the latest features for the customers.

Metromile Chief Executive Officer 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,”

Bitcoin Adoption Continues Despite Price Slumber

Metromile has become the second insurance firm within a month to add Bitcoin as a form of payment for paying premiums on its platform. The Bitcoin adoption has continued as an increasing number of public companies continue to add BTC to their balance sheet as well as a form of payment on their platforms. Metromile would join the elite league of Tesla, PayPal, and many other Fortune 500 companies that have added Bitcoin payment options this year.

Bitcoin price continues to consolidate above $55,000 and currently trading at $57,209 rising by nearly 2% for the day. The top cryptocurrency has been in a consolidation phase ever since a massive 20% correction last month and expected to test its new ATH above $64,000 by the start of the new month.