Cryptocurrency Program Affirm Will Sunset Post 19% Staff Layoff

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Affirm
Affirm

Users of cryptocurrency must note that they will not be allowed to purchase Bitcoin from 2nd March 2023 onwards. In addition, the crypto program “Affirm” is going to be shut down officially on 31st March 2023. 

Max Levchin, the company CEO, has announced that their buy-now-pay-later crypto program is being closed. The main reason is the hampering aspect of consumer spending along with the macroeconomic environment undergoing changes. Levchin made an official statement to the shareholders on 8th February mentioning a staff cut of 19%. 

New troubles In The Cryptocurrency World 

Affirm program is shut down due to ambiguous macroeconomic conditions as well as a requirement to offset a few liabilities on the balance sheet of the firm. The CEO said that the economic conditions are uncertain that require delaying projects and aligning their revenue with expenditures. As a result, Affirm is going to lay off 19% of its workforce as well as close some of its initiatives. 

Michael Linford, the company’s financial officer, stated these calls are required for higher profitability. Afterpay was a service provider that permitted users to buy now but pay later and this program is also being discontinued. 

Affirm Program Shutting Down With Goals 

The crypto program was introduced towards the end of 2021 when the crypto market was at its peak. Affirm collaborated with NYDIG, a BTC payments platform that would process BTC transactions as well as give crypto accounts to Affirm customers. However, this program is being discontinued from 31st March. Customers were informed that after 31st March at 4:00 PM, the BTC in their account will be automatically sold at BTC Reference Rate. 

This shutdown is part of their bigger staff cleanout that will lay off 19% workforce effective 8th February. Google Finance reported that the stock prices of Affirm have decreased by 19.1% in the hours post-trading at NASDAQ.