A buyer sees clothes on his iPad device.
Source: Twenty / 20
Epharm, an online nder provider that helped popularize the “buy now, pay later” business model before going deeper into banking, has become the latest fintech company to move to Bitcoin Bandwagon.
In an investor presentation on Tuesday, Max Levchin, CEO of Epharm, said his company was working on a feature that would allow consumers to “buy and sell cryptocurrencies directly from their savings accounts.”
During the two-hour presentation, Levchin said, “It’s time to support cryptocurrency in a way that makes sense to us.” “We will soon be using our savings accounts to enable seamless crypto ownership.”
The affidavit did not give a release deadline. The company included a deck with its presentation and it had a slide that was “new and coming soon” followed by “crypto”. The slide shows a picture of the Affirm mobile app with “Bitcoin Holdings” below the Savings Account.
Epharm is competing in a crowded market as online donors, mobile investment apps and crypto exchanges try to entice young consumers. When emerging fintech companies started with special offers, they were all trying to bring more banking and financial services to people who hate going to the physical branch and expect products to have a general user interface.
Just this week, Coinbase introduced a new function that allows users to make payments in Bitcoin and other cryptocurrencies that enable them to deposit pay-checks directly into the Coinbase account. PayPal, Sophie, Chim and Robinhood each provide crypto-related services to keep up with their core products.
Earlier this summer, Upgrade, a provider of affordable credit to mainstream consumers, introduced a feature that allows users to earn an unlimited 1.5% bitcoin reward on each purchase using their upgraded credit card.
Epharm shares rose less than 1% to 11 115.50 on Wednesday. The company’s value has more than doubled since the IPO in January.
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