Affirm, the largest U.S. firm dedicated to “buy now, pay later” online loans, is planning to release a debit card that will allow consumers to hold and earn interest on cryptocurrencies, CEO Max Levchin said at an investor presentation Tuesday.
The offering would bring Affirm up to speed with crypto trading exchanges including Robinhood, which offers a debit card, and Coinbase, which is planning to release one. Unlike these companies, Affirm’s core customers are shoppers—not crypto investors. The company has partnerships with companies including Walmart, Priceline, Peloton and Neiman Marcus, where customers can pay with Affirm’s installment loan service rather than by using a credit card. An Affirm debit card could open up crypto buying to a more mainstream set of consumers.