Atupri health insurance allows clients to pay in crypto

Atupri health insurance allows clients to pay in crypto

By Benson Toti - min read

Policyholders can now pay in either Bitcoin or Ether with the help of Bitcoin Suisse

Atupri Health Insurance, one of the top health insurance providers in Switzerland, now allows its policyholders to make payments through Bitcoin (BTC) and Ether (ETH).

In an announcement released by the company yesterday, the health insurance provider revealed that it had partnered up with Bitcoin Suisse, a financial services company in the cryptocurrency industry, to allow its 200,000-strong customer base to make payments using BTC or ETH.

The Head of Marketing and Sales at Atupri, Caroline Meli, explained that the company will not be holding any digital assets on its own. It will instead be receiving fiat payments in Swiss francs. Bitcoin Suisse is responsible for acting as the intermediary and exchanging the cryptocurrency into fiat.

“As a health insurance company, we don’t own any bitcoins ourselves. When the payment is initiated, our policyholders receive the current exchange rate, which Bitcoin Suisse always guarantees and transmits to us in Swiss francs. We are therefore at no time subject to currency risk,” Meli explained.

The insurance company, which rakes in approximately $887 million in annual sales as of data from 2019, will soon have customers paying for any fees associated with mining.

Meli also highlighted the growing importance of blockchain technology and cryptocurrencies.

“As digital pioneers in the healthcare sector, we anticipate social trends and offer insurance solutions with long-term prospects. Blockchain technology and the associated use of cryptocurrencies are becoming increasingly important,” she said.

“Accordingly, we want to offer the necessary structures for our policyholders.”

Bitcoin Suisse is in the custody of more than $1 billion in assets and has recently taken to exploring different financial sectors. In May of this year, the crypto broker also added custodial support features and staking services for Tezos coin (TXZ). It also added gold, silver and platinum for trading on its platform.

The firm reportedly has plans to conduct a security token offering next year, and have its assets listed on the stock exchange by the year 2022.

Switzerland is home to many crypto businesses and residents who are often leading research and development in crypto solutions. The country has a “Crypto Valley” dedicated to the emerging industry located in the city of Zug. It is a fintech-friendly region where many institutions and even public transportation options accept cryptocurrencies as payment.

The government also welcomes the use of cryptocurrencies and other related technologies. The Swiss municipality of Zermatt, in partnership with Bitcoin Suisse, recently rolled out a Bitcoin tax payment option for its residents.