Nasdaq-listed insurance company Metromile plans to buy $10 million in Bitcoin and open a Bitcoin payment channel

Metromile CEO Dan Preston told the San Francisco Business Times that embracing bitcoin was a “natural step” for his company, which has become the first auto insurance platform to adopt the cryptocurrency.

Metromile also announced the purchase of $10 million in Bitcoin in the second quarter, and said it believes that cryptocurrency payments are in line with its commitment to fairer insurance and can improve the financial resilience of policyholders as cryptocurrencies become mainstream and a vital part of consumer assets. Dan Preston further explained the rationale for his company: "Supporting decentralized finance and adding Bitcoin as a new payment option is the next logical step for our digital insurance platform and end-to-end AI claims automation. The result is fairer insurance for everyone."

Founded in 2011 and headquartered in San Francisco, California, Metromile is a leading pay-per-mile auto insurance company that builds a loyal driver community by providing personalized insurance and tailors more affordable insurance for each driver. It was recognized by Forrester as a top insurance company in terms of user experience and was listed on the Nasdaq Stock Exchange through a SPAC merger in February this year.