Affirm, a company that provides payment services including BNPL has announced that it would be looking to allow those users who have savings accounts to be able to buy and sell cryptocurrencies on its platform.
The company is the latest to join the growing craze around trading and investing in cryptos and it is viewed as one more step towards becoming a financial super app for which it would be competing with the likes of Revolut, Paypal, Robinhood, and others. Crypto trading interest has grown several-fold over the last few months and we have been seeing many trading platforms launching crypto trading services during this period. This is becoming a crowded space in many regions as more and more companies begin to realize that cryptos are here to stay and the craze around this industry is only going to increase in the coming months and they do not want to be left behind.
The announcement from Affirm was made at its investor conference by its CEO Max Levchin.
“It’s time for Affirm to support cryptocurrencies in a way that feels organic to us,” Levchin said. “We will soon leverage our savings accounts to seamlessly enable crypto ownership.”
Though the intentions of bringing in crypto trading have been made very clear by the company and its CEO, he did not lay out any specific timeline for achieving the same. It is expected to be added as a feature in its mobile app in the coming months. It would also be expected that this would just be a space for it to start out exploring the crypto world before it branches out into offering other products around crypto in the future.
This move follows in the footsteps of Paypal and Revolut who have been working hard on their crypto-related offerings over the last few months and have also already introduced the ability to buy and sell cryptos for their users while the same is being done in the US by Robinhood. The race to become a financial super app has well and truly begun as companies, startups and established ones vie for the attention of the users and investors, and all of them have realized that they cannot be a super app without embracing crypto and its associated innovations.