Switzerland’s largest insurance company AXA is now allowing customers to pay their insurance premiums with Bitcoin (BTC). However, this does not include life insurance premiums (for regulatory reasons). This is the first time a Swiss insurance company has allowed customers to pay their premiums with Bitcoin. AXA collaborated with the cryptocurrency broker Bitcoin Suisse to implement this new payment option.
AXA isn’t accumulating Bitcoin in this case, as their broker converts the cryptocurrency to Swiss Francs. AXA says that it ‘holds no coins on its balance sheet’. There are also no fees being paid to AXA for the Bitcoin payment option. However, their broker Bitcoin Suisse takes a commission of 1.75% to cover expenses incurred on their end such as Bitcoin transaction fees and exchange fees.