Affirm Holdings Launches Savings Account Crypto Offerings
Affirm Holdings Inc. plans a new crypto service for customers to buy and sell crypto directly from savings accounts in-app.
The San Francisco-based company now allows clients to broaden their financial options with crypto purchases via the Affirm app. In addition, they will offer a new debit card feature. According to Affirm, this is in an effort to become an all in one service for client’s financial needs.
Max Levchin, the CEO of Affirm, said the company is not taking any risks with this new development. “We are doing it in a way that feels natural to us,” Levchin said in an interview. “We will make it really simple, it’s safe, we won’t let you do crazy things.”
These new offerings come as a result of a partnership with New York Digital Investment Group LLC.
Moreover, the company’s latest additions are part of their plan to become a global “super app” similar to WeChat or Alipay. “Our superpowers are in developing sophisticated, scalable technology, risk management and highly efficient access to capital,” Levchin said. “Expect us to look for more opportunities to buy and build, as we look to leverage our core strengths.”
Earlier this year Levchin already had his sights set on crypto offerings. Initially he had a reputation of crypto skepticism. However as Bitcoin neared $50k his stance shifted , along with that many others.
This has been a huge year for the major players of the financial industry’s crypto adoption. Paypal continues its expansion of crypto offerings including crypto withdrawals. Both Visa and Mastercard also expanded their crypto services this year through partnerships, rewards programs, and even NFTs.
In addition to services, some of these financial industry giants are also invested in the crypto industry in other ways. Recently Paypal and Visa both invested in Blockchain Capital’s $300 million fund.
As Affirm takes on crypto, it joins the leagues of other financial service providers meshing with the crypto space.
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