September 30, 2021

PayPal co-founder's fintech company to allow customers access to cryptocurrencies

PayPal co-founder's fintech company to allow customers access to cryptocurrencies

Max Levchin's fintech company Affirm will allow customers to trade cryptocurrencies directly from their savings accounts. The PayPal co-founder made the announcement at a presentation to investors, CNBC reported.

The time has come for Affirm to support digital assets in a way that feels organic to us. We will soon use our savings accounts to provide seamless access to cryptocurrencies, Levchin said.

Affirm allows for deferred payment purchases, offering the recently popular 'buy now, pay later' service. In January 2021, the company held an IPO on the Nasdaq stock exchange in which it raised $1.2bn. Its capitalisation has reached $23bn.

The app aims to become a "one-stop shop for customer financial needs". Cryptocurrency integration is part of this effort.

Affirm did not specify when exactly users will have access to the new feature.

In an interview with Bloomberg, Levchin said that cryptocurrency integration was made possible through a partnership with digital asset manager NYDIG.

We will make this [feature] look natural. We will make it very simple and secure without allowing you to make crazy purchases, Levchin stressed.

Affirm shares rose 2.5 per cent after opening trading on the Nasdaq. At the time of writing, the securities are trading near the $115 mark. The company has an estimated market capitalisation of $31.38bn.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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