Nasdaq-listed Metromile invests $ 1million in Bitcoin – sees speedy progress in world cryptocurrency adoption

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Nasdaq-listed auto insurance coverage firm Metromile purchased $ 1 million in bitcoins. The corporate plans to “grow to be the primary insurance coverage firm to supply policyholders the flexibility to pay for insurance coverage and obtain fee for qualifying claims in bitcoin or {dollars}.”

Auto Insurance coverage Platform Provides Bitcoin To Its Stability Sheet

Nasdaq-listed insurance coverage firm Metromile Inc. disclosed its bitcoin buy in a submitting with the U.S. Securities and Trade Fee (SEC) on August 10. Metromile is a digital insurance coverage platform and pay per mile auto insurer.

The file specifies:

In June 2021, the corporate purchased and acquired $ 1.0 million price of bitcoin. Within the three months and 6 months ended June 30, 2021, the corporate recorded $ 0.1 million in bitcoin impairment losses.

“No realized acquire or loss was recorded in the course of the three months and 6 months ended June 30, 2021″, particulars the file. “As of June 30, 2021, the carrying worth of the corporate’s digital bitcoin belongings held was $ 0.9 million, reflecting gathered write-downs of $ 0.1 million. The honest market worth of bitcoin held as of June 30, 2021 was $ 0.9 million. ”

Metromile introduced in Could that “it is going to quickly present policyholders with the flexibility to pay for insurance coverage and obtain fee for eligible and authorized insured claims in bitcoin or {dollars}.” Metromile goals to be the primary insurance coverage firm to simply accept premiums and pay claims in cryptocurrency.

In its letter to shareholders for the primary quarter of 2021, the corporate mentioned:

Because the adoption of cryptocurrency grows quickly all over the world, it turns into clear that the decentralization of finance has the potential to alter client habits and monetary infrastructure….

The auto insurer joins a rising checklist of firms which have purchased bitcoin for his or her company treasury, together with Microstrategy by Michael Saylor, Tesla by Elon Musk and Jack Dorsey’s Sq..

What do you consider the truth that Metromile is shopping for bitcoin? Tell us within the feedback part beneath.

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