Dubai’s insurance sector has launched a digital wallet that enables customers to pay premiums and receive claims in cryptocurrency. The wallet runs on the Zodia Custody infrastructure and operates under UAE regulatory oversight. Jane Suren, managing director for Middle East and Africa Commercial at Zodia Custody, said that as digital asset adoption accelerates, insurers need trusted infrastructure.
As of now, it is not disclosed which digital assets are supported, and it remains unclear whether the wallet will apply to all insurance products. The development aligns with a broader trend of crypto experimentation in the global insurance industry.
For context, in October last year, Meanwhile raised $82,000,000 for Bitcoin-based insurance and savings products, and Delaware Life Insurance launched a Bitcoin-linked annuity, underscoring growing crypto usage in the sector. These developments illustrate the ongoing shift toward crypto-enabled insurance products.
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