The Largest Insurance Company in Switzerland Started Accepting Bitcoin Payments
AXA, the largest Swiss insurance company accepts payments in Bitcoin now. This doesn’t concern life insurance premiums. They became the first Swiss insurance company to do so. AXA has a collaboration with Bitcoin Suisse, a crypto broker. It wasn’t their first interaction with the crypto world – they participated in the blockchain project back in 2017 and now sponsor the blockchain studies in University of Basel.
They didn’t include life insurance into this option due to the obstacles caused by the cryptocurrency regulation. Back in 2019, their research showed that about one third of their respondents of different ages either owned virtual assets or were interested in them. Therefore, they decided to get ready for meeting a growing demand for an alternative payment option.
AXA won’t take a fee and will transfer Bitcoins to Bitcoin Suisse who will. The insurance company won’t add Bitcoin on their corporate balance sheet. The exchange rates will be fixed for certain periods of time so high volatility won’t become a problem.