Affirm adds crypto to its services to vie for the super-app status

Fintech company Affirm becomes the latest company to include crypto trading in its services to cater both to traditional and crypto investors. During an investor presentation on September 28, Affirm CEO Max Levchin stated that they are currently working on a feature that will allow users with a savings account to trade and sell crypto like Bitcoin. However, the company did not specify a launch date.

‘It’s time for Affirm to support cryptocurrencies in a way that feels organic to us. We will soon leverage our savings accounts to seamlessly enable crypto ownership’, Levchin explained. 

According to Bloomberg, the fintech company is actively working with New York Digital Investment Group LLC to plan the cryptocurrency offering. 

With Affirm pushing towards the crypto feature, the company is joining several banks and tech giants to become the next company offering all-rounded financial services similar to India’s Paytm, China’s WeChat or South Korea’s Kakao.

‘Our superpowers are in developing sophisticated, scalable technology, risk management and highly efficient access to capital. Expect us to look for more opportunities to buy and build, as we look to leverage our core strengths’, Affirm CEO further emphasized.

Earlier this year, Levchin had a reputation for being sceptical towards the cryptocurrency market. But when the value of Bitcoin skyrocketed to almost $50,000, his stance on the matter shifted, resulting in the launch of the company’s new crypto service.

‘It is incredible how Bitcoin and all the cryptocurrencies have grown. I think at some point, skeptic or not, you have to listen to the market’, Levchin stated in an interview with CNBC on February 12, 2021.

However, Affirm faces cutthroat competition as cryptocurrency exchanges and mobile investing apps roll out new crypto features to attract younger investors. 

Just recently, Coinbase offered a new function that allows users to get paid in Bitcoin and other cryptos, enabling direct deposits of paychecks to Coinbase accounts. Other financial applications such as Chime, Robinhood, Sofi and PayPal also offer the same kind of feature.

Similarly, American neobank Upgrade introduced a feature earlier this year allowing its customers to earn unlimited 1.5% Bitcoin rewards on every purchase they make with their Upgrade credit cards. 

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