A shopper browses clothes on her iPad device.
confirm, An online lender helped popularize the “buy first, pay later” business model before entering the banking industry, and has just become the latest financial technology company Bitcoin Follow suit.
In an investor speech on Tuesday night, Affirm CEO Max Levchin stated that his company is developing a feature that allows consumers to “buy and sell cryptocurrencies directly from their savings accounts.”
“It’s time for Affirm to support cryptocurrencies in a way we feel organic,” Levchin said in a two-hour speech. “Yes. We will use our savings account to seamlessly enable encrypted ownership soon.”
Affirm did not provide a timetable for the release. The company included a deck in its presentation with a slide that said “new, coming soon” and then “encrypted”. The slide shows an image of the Affirm mobile app, with “Bitcoin holdings” underneath the savings account.
Affirm is in a highly competitive market as online lenders, mobile investment apps and cryptocurrency exchanges try to attract young consumers. Although emerging fintech companies start with niche products, they are striving to provide more banking and financial services to those who are unwilling to go to physical branches and expect products with simple user interfaces.
Just this week, Coin Bank A new feature was introduced that allows users to get paid in Bitcoin and other cryptocurrencies by depositing their salary directly into their Coinbase account. Paypal, Sophie, Chimes, and Robin Hood Each provides encryption-related services to complement its core product.
Earlier this summer, Upgrade, a provider of affordable credit to mainstream consumers, has launched a feature that allows users to receive unlimited 1.5% bitcoin rewards every time they use Upgrade credit card to purchase.
Affirm shares rose less than 1% on Wednesday to $115.50.Since its establishment, the value of the company has more than doubled January IPO.
watch: Jim Cramer explains why Bob Lang, a technician, believes that Affirm stock has a lot of upside