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AXA Switzerland to Accept Bitcoin Payments

AXA Switzerland to Accept Bitcoin Payments

The world’s most prominent crypto, bitcoin, is gaining popularity as major institutions worldwide have begun accepting bitcoin as a payment method. AXA Switzerland, one of the biggest insurance companies in Europe, revealed today that it would accept Bitcoin for payments. As per an official announcement, private consumers of AXA can now pay their bills with the world’s largest digital currency. 

According to the announcement, AXA Switzerland consumers can now pay premiums for all non-life products of AXA via bitcoin. Life insurance products do not support the option for regulatory reasons. Clients who are preparing to employ bitcoin as a payment method are required to possess a bitcoin wallet. The company has collaborated with Swiss crypto broker Bitcoin Suisse for the initiative, indicating bitcoin payments would go to Bitcoin Suisse. It would then convert into Swiss francs for AXA Switzerland. 

AXA Switzerland to Support More Payment Options

Meanwhile, AXA doesn’t charge any fee for utilizing the bitcoin payment option. Bitcoin Suisse charges a 1.75% commission to cover transaction fees and currency exchange costs. Moreover, AXA consumers will witness a new payment option on bills sent by email and via soon. Following this development, one can conduct payments in bitcoin on a desktop computer or smartphone. The company announced that it recently holds no bitcoin on its balance sheet.

Moreover, AXA advocated that it would support more payment options shortly. It includes TWINT, a mobile app-payment solution for the Swiss market. As for other cryptocurrencies, AXA announced that it’s not feasible for now. However, customers can contact and display their interest in the company. 

Bitcoin registered an ATH (all-time high) of $64,800 yesterday. Bitcoin’s network activity has surged above the vital level of the $1 trillion market cap. Earlier this week, TIME Magazine admitted that the company plans to add Bitcoin to its balance sheet. Grayscale, the U.S.-based digital assets management firm, declared that the company has over $41 billion worth of Bitcoin. Tesla, Meitu, and MicroStrategy also revealed the collection of bitcoin in huge amounts during the last few months. MicroStrategy unveiled earlier this week that the company would pay its Board of Directors via bitcoin.

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