SAN JUAN, Puerto Rico--(BUSINESS WIRE)--In efforts to better serve the needs of its clients, Surety One, Inc. will begin to accept Bitcoin, Bitcoin Cash, Ethereum and Litecoin as methods of payment on July 1st.
Cryptocurrency is a digital medium of exchange. Much like cash, crypto removes banks and other financial intermediaries, permitting the transfer of payments from the consumer, in this case an insurance policy applicant, directly to the broker or carrier.
President of Surety One, Inc., Constantin Poindexter Salcedo states, "This March Governor Ricardo Rossello made it clear that he is interested in and enthusiastic about blockchain technology and the possibilities that it presents for Puerto Rico. Blockchain is a disrupter and perhaps transformative for our economy. We have looked carefully at the benefits and of course the risks associated with crypto. The speed, convenience and cost reduction qualities will allow us to offer a better service to consumers and put our products within reach of a broader community. Are there risks? Well, yes, mainly as a result of the informality of virtual currencies and the lack of a strong regulatory framework, but that is MY risk, not the consumer's."
Surety One, Inc. is an insurance general agency focused on the surety bond sector. The firm is licensed in all fifty states, Puerto Rico, US Virgin Islands and Canada. The Surety One, Inc. Team has won the loyalty of a broad base of clients across many sectors of industry and finance as well as recognition as a trustworthy and knowledgeable surety underwriter. Says Poindexter, "I believe that Surety One, Inc. will be the first insurance intermediary in the western hemisphere to accept cryptocurrencies. I think that my decision is further proof that we are innovators in the insurance profession."
Clients of Surety One, Inc. that wish to process payments with virtual currency may access the payment portal at https://SuretyOne.com.
For more information about Surety One, Inc., call (787) 333-0222 or email Underwriting@SuretyOne.com.