Share this article
Payments Company Affirm Is Shutting Down Its Crypto Business
During the bull market of 2021, Affirm had joined a number of fintech firms in offering clientele the ability to buy and sell crypto.
By Helene Braun
Updated May 9, 2023, 4:07 a.m. Published Feb 8, 2023, 9:32 p.m.
Payment network Affirm (AFRM) is shutting down the cryptocurrency service it started in 2021, according to a letter to shareholders on Wednesday.
Affirm Crypto will close on March 2. The shutdown is part of a larger retrenchment for the company, which also announced it would eliminate 19% of its workforce. It's unclear what proportion of those layoffs are related to the crypto operation.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Concurrent with reducing our workforce, we are sunsetting several initiatives, such as Affirm Crypto,” CEO Max Levchin said in the letter.
Affirm joined other fintech firms launching crypto initiatives in the late stages of the bull market. Affirm Crypto was designed to let customers buy, sell or hold cryptocurrencies.
The company's stock recently fell 17% in after-hours trading.
UPDATE (Feb. 8, 21:47 UTC): Adds comment from Affirm CEO Max Levchin.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Uniswap's token burn, protocol fee proposal backed overwhelmingly by voters
The proposal, which transforms UNI into a value-accruing asset, received more than 125 million votes in support with just 742 dissenting.
What to know:
- Uniswap's proposal to activate protocol fees and burn UNI tokens received overwhelming support from voters.
- The initiative will transform the token into a value-accruing asset and link protocol usage to token supply reduction.
Top Stories
