Posted 1 year ago | by Ben Armstrong
Swiss Health Insurance Company Atupri Embraces Cryptos as Payment System
A major Swiss health insurance company, Atupri Health Insurance, has joined the ranks of companies that will accept crypto payments. This gives their policyholders the convenience of processing payments using either Bitcoin (BTC) or Ethereum (ETH) through Bitcoin Suisse.
An announcement on August 31 indicates that Atupri Health Insurance is working on adopting cryptocurrency payment as a new option for their 200,000 clients. The decision to accept tokens will rely on Bitcoin Suisse, a leading crypto financial services provider, to make the system work.
New Ways to Pay With Cryptos
Bern-based Atupri does not retain digital assets itself but only accepts fiat payments in Swiss francs which Bitcoin Suisse trades for BTC or ETH. With an annual revenue reaching approximately $887 million as of 2019, the insurance company will be opening the door to much larger crypto use.
Caroline Meli, Head of Marketing and Sales at Atupri, commented,
“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.”
Over $1 billion in assets has been placed in the custody of Bitcoin Suisse.
Additional custodial support and staking services for Tezos (XTZ) should available in May, along with gold, silver and platinum for trading on the platform.
As previously reported, the crypto broker’s future plan targets security token offering and by 2022, the stock exchange will feature the assets that are securitized.
So far, residents of Switzerland have shown themselves as vanguard of the crypto movement.
“Crypto Valley” is also a familiar name in the global blockchain industry. This FinTech-oriented area is located in Zug, the city surrounded with numerous institutions and public transportation that use cryptos.
Recently, a Bitcoin tax payment option was issued, created via a partnership between Bitcoin Suisse and the Swiss municipality of Zermatt.
A Threat To Traditional Payment?
In the first decade since its inception, bitcoin attracted a wide range of investors. Some believe it can reshape global finance by replacing traditional means of payment.
Most corporations that accept bitcoins do not adopt cryptocurrencies completely, but use intermediary services like Bitcoin Suisse custodian to convert bitcoin into real money.
Comprehensive data on bitcoin's usage in payments remains a problem, as transactions between bitcoin and other currencies are often counted toward commercial payments.
It's still too soon to know whether crypto payment will replace traditional fiat currency, but its development clearly reflects that potential outcome.
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