Lydia provides inventory and crypto buying and selling to its cost app – TechCrunch


French startup Lydia is coming into an entire new class by including buying and selling to its monetary tremendous app later this 12 months. The corporate is partnering with Bitpanda for this function. Lydia customers will be capable to purchase, maintain and promote American and European shares, treasured metals, cryptocurrencies and ETFs.

Lydia began as a peer-to-peer cost app that permits you to ship and obtain cash immediately from a cellular app. It has added extra options over time, equivalent to debit playing cards, IBANs, cash swimming pools, cashback, donations, private loans, and so on.

Like Venmo or Money App within the U.S., the corporate attracts new customers with peer-to-peer funds after which exposes them to extra options and monetary merchandise that they will entry immediately from the app. And it’s been working nicely as Lydia now has 5.5 million customers.

A number of months in the past, Lydia launched financial savings accounts powered by Cashbee. It’s a very good outdated fixed-rate financial savings account that gives 0.6% in pursuits. It’s not a lot, however it’s higher than leaving it in your foremost Lydia account.

And but, the function has been working nicely. On common, customers who open a financial savings account in Lydia put hundreds of euros on that account. The subsequent logical step is buying and selling, which introduces extra dangers however higher potential returns.

“If you wish to purchase belongings proper now, it’s too sophisticated,” Lydia co-founder and CEO Cyril Chiche informed me. “Even simply accessing these markets is sophisticated. It takes you many days to register and confirm your account. After that, you need to ship cash. After which, there are minimal quantities.”

With Lydia’s buying and selling function, making a buying and selling account takes only a few faucets within the app. You don’t must ship a photograph of your passport once more, you don’t must create a brand new account with a separate password.

After that, you should purchase your first share — or fraction of a share — for as little as €1. Lydia and Bitpanda provide fractional shares in French, European and American corporations. You should buy treasured metals, equivalent to gold, platinum, silver and palladium. You’ll be able to spend money on bitcoin, Ethereum and dozens of different crypto belongings — it’s price noting that Bitpanda began as a crypto buying and selling firm. Lastly, you can too entry trackers (ETFs).

Basically, if there’s an asset that’s accessible via a Bitpanda account, you can too entry it via your Lydia account. Charges are the identical on Lydia and Bitpanda. There aren’t any charges concerned with fractional shares however there are some charges for cryptocurrencies and treasured metals.

“We met with a number of potential companions and we realized that we had a number of issues in widespread [with Bitpanda],” Chiche stated. It’s a win-win partnership as Bitpanda may use Lydia as a method to promote its white-label service and combine buying and selling in different apps. Each corporations have agreed to share income that comes from Lydia customers profiting from the buying and selling function.


Please enter your comment!
Please enter your name here