Affirm (NASDAQ:AFRM), one of the leading buy now, pay later (BNPL) platforms is adding crypto to its services.
As part of its “super app” mission, Affirm will allow its users to buy and sell crypto. Users that hold a savings account will be able to seamlessly move funds in and out of crypto like Bitcoin.
The move should come as no surprise as crypto features for digital financial services is quickly becoming the norm and not the exception. Crypto is being driven by demand – most predominantly by younger consumers interested in digital assets.
During an investor presentation, Affirm founder and CEO Max Levchin said it was time for Affirm to support cryptocurrencies. He did not provide a specific launch date aspect to note it is coming soon.
While enabling crypto trading may capture headlines, the bigger story really is the fact that Affirm is emerging as a neo-bank, providing bank like services along with other financial services desired by consumers. More and more Fintechs are recognizing the need to offer multiple features, instead of a single vertical, so its customers do not have to bounce around from this app to another. A one-stop shop digital financial platform simply makes sense. Many Fintech insiders see this as the path for success and widespread adoption.