Affirm Shuts Down Crypto Program Amid Economic Challenges
Affirm Ends Crypto Program
Affirm, a prominent buy-now-pay-later company, has announced the closure of its "Affirm Crypto Program." This decision comes in response to declining consumer spending and shifts in the macroeconomic landscape.
Strategic Decision Amid Economic Uncertainty
The CEO, Max Levchin, highlighted the need to adapt to uncertain economic conditions as a primary reason for this move. The company aims to manage liabilities effectively, ensuring a stable balance sheet as they navigate these challenges.
Impact on Bitcoin Transactions
Effective from March 2, Affirm users will no longer have the option to purchase Bitcoin through the platform. This change marks a significant shift in the company's offerings, reflecting broader market trends and internal strategic realignments.
Workforce Reduction
In conjunction with shutting down the crypto program, Affirm also announced a 19% reduction in its workforce. This measure is part of broader efforts to streamline operations and align with current economic realities.
Navigating a Changing Market
Affirm's decision underscores the impact of the changing economic environment on financial services. By adjusting its services and workforce, Affirm positions itself to better weather the uncertainties ahead, maintaining focus on its core business objectives.
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