Policyholders Can Now Pay with Bitcoin or Ether Through Bitcoin Suisse
Atupri Health Insurance, one of Switzerland’s leading health insurers, now allows its policyholders to make payments using Bitcoin (BTC) and Ether (ETH) through a partnership with Bitcoin Suisse.
In an announcement published yesterday, the insurer revealed it has teamed up with Bitcoin Suisse, a financial services provider in the cryptocurrency industry, to enable its customer base of around 200,000 clients to pay premiums with BTC or ETH.
Caroline Meli, Head of Marketing and Sales at Atupri, clarified that the insurer will not hold digital assets itself. Instead, Atupri will receive fiat payments in Swiss francs. Bitcoin Suisse will act as an intermediary, converting the cryptocurrency into fiat currency on Atupri’s behalf.
“As a health insurer, we do not hold Bitcoins ourselves. When the payment is initiated, our policyholders receive the current exchange rate, which Bitcoin Suisse guarantees, and Bitcoin Suisse transfers the equivalent amount to us in Swiss francs. This means we are never exposed to currency risk,” Meli explained.
The insurer, which reported approximately $887 million in annual revenue in 2019, plans to expand the offering so that customers can use crypto payments for all premium types in the near future.
Meli also emphasized the growing importance of blockchain technology and cryptocurrencies.
“As digital pioneers in healthcare, we monitor societal trends and provide insurance solutions with long-term perspectives. Blockchain technology and the related use of cryptocurrencies are becoming increasingly important,” she said.
“For this reason, we want to offer our policyholders the necessary structures.”
Bitcoin Suisse holds more than $1 billion in assets under custody and has recently expanded into multiple financial services. In May, the crypto broker added custodial support and staking services for the Tezos (XTZ) coin, and it also introduced trading options for gold, silver, and platinum on its platform.
The company reportedly plans to launch a security token offering next year and intends to list its assets on a public exchange by 2022.
Switzerland is home to many crypto companies and professionals who frequently lead research and development in crypto solutions. The country hosts a “Crypto Valley” in the city of Zug dedicated to the emerging industry. This fintech-friendly region includes institutions and even some public services that accept cryptocurrencies as payment.
The Swiss government has also been supportive of cryptocurrencies and related technologies. The municipality of Zermatt recently rolled out a bitcoin tax payment option for residents in cooperation with Bitcoin Suisse.