Affirm will allow users to buy and sell bitcoin and other cryptocurrencies

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A customer browses the clothes on her iPad.

Source: Twenty / 20

Affirm, an online lender who helped popularize the ‘buy now, pay later’ business model before going deeper into banking, has just become the latest fintech company to jump on the bitcoin bandwagon.

In a presentation to investors on Tuesday evening, Affirm CEO Max Levchin said his company is working on a feature that will allow consumers to “buy and sell cryptocurrency directly from their savings account. “.

“It’s time for Affirm to take over cryptocurrency in a way that feels organic to us,” Levchin said during the two-hour presentation. “That’s right. We will soon be leveraging our savings accounts to allow seamless crypto ownership.”

Affirm did not provide a deadline for publication. The company included a game with its presentation and had a slide that said “New and Coming” followed by “Crypto”. The slide showed an image of the Affirm mobile app, with “Bitcoin holdings” under the savings account.

Affirm competes in a crowded market as online lenders, mobile investment apps, and crypto exchanges try to attract younger consumers. While emerging fintech companies have started with niche offerings, they are all trying to bring more banking and financial services to people who shy away from going to physical branches and expect products to have user interfaces. simple.

Just this week, Coinbase rolled out a new feature that allows users to get paid in bitcoin and other cryptocurrencies by enabling direct deposit of paychecks to Coinbase accounts. PayPal, SoFi, Chime, and Robinhood each offer crypto-related services to go along with their core products.

Earlier this summer, Upgrade, an affordable credit provider for mainstream consumers, introduced a feature that allows users to earn unlimited Bitcoin rewards at 1.5% on every purchase with their Upgrade credit card.

Affirm shares rose less than 1% to $ 115.50 on Wednesday. The company has more than doubled in value since going public in January.

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