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Affirm announces to shut down “auto Bitcoin buy” service for customers

Affirm announces to shut down "auto Bitcoin buy" service for customers 8

The CEO of the Affirm company confirmed that the company decided to shut down the “Affirm Crypto Program” to establish the financial health of the company.

Affirm is a “buy now pay later” company. During the COVID-19 pandemic, this company grabbed huge amounts of transactions from users & also gained a new user base. To push the Affirm services toward the young generation, the company also introduced a new service “Affirm Crypto program” which allows the customers to auto-purchase Bitcoin with the interest-generated funds in the account.

On 8 Feb 2023, Max Levchin, the CEO of Affirm released a letter to the shareholders that the company decided to cut off 19% of the workforce because of the uncertain macroeconomic conditions. Approximately 500 people has impacted by this announcement.

The company CEO said:

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“We are doubling down on our core businesses, delaying projects with less certain revenue timelines, and aligning our operating expenses with revenue. Concurrent with reducing our workforce, we are sunsetting several initiatives, such as Affirm Crypto.”

Levchin also confirmed that the company planned to stop the auto Bitcoin buy service for the customers and it will officially stop on 31 March fully. All the Bitcoin funds in the customers’ accounts will automatically convert into fiat funds at that current trade price.

Affirm CEO said that the latest two decisions will help the company to sustain a better financial position against liabilities and also will help to reduce the company expenses.

Because of this news, AFRM, the Nasdaq index of Affirm stock, plunged 19.1% within a few hours.
The current trade price of AFRM is $13.29 and this trade price is 17% down over the last 24 hours’ trade price.

Affirm announces to shut down "auto Bitcoin buy" service for customers 7

Read also: Indian Crypto Investors can use UPI payment on MetaMask

Affirm announces to shut down “auto Bitcoin buy” service for customers

 

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