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Affirm will let users buy and sell bitcoin and other cryptocurrencies

A client seems to be by way of garments on her iPad machine.

Supply: Twenty/20

Affirm, an internet lender that helped popularize the “purchase now, pay later” enterprise mannequin earlier than transferring deeper into banking, simply grew to become the most recent fintech firm to hop on the bitcoin bandwagon.

In an investor presentation Tuesday night time, Affirm CEO Max Levchin stated his firm is engaged on a function that can let customers “purchase and promote cryptocurrencies instantly from their financial savings account.”

“It is time for Affirm to help cryptocurrencies in a method that feels natural to us,” Levchin stated, in the course of the two-hour presentation. “That is proper. We’ll quickly leverage our financial savings accounts to seamlessly allow crypto possession.”

Affirm didn’t present a timeframe for the discharge. The corporate included a deck with its presentation, and had one slide that stated “New and coming quickly” adopted by “Crypto.” The slide confirmed a picture of the Affirm cell app, with “Bitcoin holdings” beneath the financial savings account.

Affirm is competing in a crowded market, as on-line lenders, cell investing apps and crypto exchanges attempt to lure youthful customers. Whereas the rising fintech corporations began with area of interest choices, they’re all attempting to convey extra banking and monetary providers to people who find themselves detest to go to bodily branches and anticipate merchandise to have easy consumer interfaces.

Just this week, Coinbase rolled out a brand new operate that permits customers to receives a commission in bitcoin and different cryptocurrencies by enabling direct deposit of paychecks into Coinbase accounts. PayPal, SoFi, Chime, and Robinhood every provide crypto-related providers to go together with their core merchandise.

Earlier this summer, Improve, a supplier of reasonably priced credit score to mainstream customers, launched a function that lets customers earn limitless 1.5% bitcoin rewards on each buy utilizing their Improve bank card.  

Affirm shares rose lower than 1% to $115.50 on Wednesday. The corporate has greater than doubled in worth since its IPO in January.

WATCH: Jim Cramer explains why technician Bob Lang sees loads of upside left for Affirm shares

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