Bitcoin News and Finance
Nasdaq-Listed Metromile Invests $1 Million in Bitcoin — Sees Rapid Growth in Global Cryptocurrency Adoption Skip to main content

Nasdaq-Listed Metromile Invests $1 Million in Bitcoin — Sees Rapid Growth in Global Cryptocurrency Adoption

Nasdaq-Listed Metromile Invests $1 Million in Bitcoin — Sees Rapid Growth in Global Cryptocurrency Adoption

The Nasdaq-listed auto insurance company Metromile has purchased $1 million in bitcoin. The company plans to “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.”

Auto Insurance Platform Adds Bitcoin to Balance Sheet

The Nasdaq-listed insurance company Metromile Inc. disclosed its bitcoin purchase in a filing with the U.S. Securities and Exchange Commission (SEC) dated Aug. 10. Metromile is a digital insurance platform and pay-per-mile auto insurer.

The filing states:

In June 2021, the company purchased and received $1.0 million of bitcoin. During the three months and six months ended June 30, 2021, the company recorded $0.1 million of impairment losses on bitcoin.

“There were no realized gains or losses recognized during the three months and six months ended June 30, 2021,” the filing details. “As of June 30, 2021, the carrying value of the company’s bitcoin digital assets held was $0.9 million, which reflects cumulative impairments of $0.1 million. The fair market value of bitcoin held as of June 30, 2021 was $0.9 million.”

Metromile announced in May that “it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars.” Metromile aims be the first insurance company to both accept premiums and pay claims in cryptocurrency.

In its Q1 2021 letter to shareholders, the company said:

As the adoption of cryptocurrency grows rapidly worldwide, it is becoming clear that the decentralization of finance has the potential to shift consumer behavior and financial infrastructure … We believe that allowing cryptocurrency payment is fully aligned with our commitment to innovation, equitability, and promoting financial resilience.

The auto insurer joins a growing list of companies that have purchased bitcoin for their corporate treasuries, including Michael Saylor’s Microstrategy, Elon Musk’s Tesla, and Jack Dorsey’s Square.

What do you think about Metromile buying bitcoin? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory