Afterpay looks at crypto

BUY now, pay later darling Afterpay is considering incorporating cryptocurrencies including Bitcoin into its platform to meet the demands of younger Australians.

Afterpay vice-president Lee Hatton said the company – which is set to be acquired by US tech giant Square for $39bn – is hungry to increase its exposure to digital cryptocurrencies such as Bitcoin but that more certainty was needed.

“Cryptocurrencies and digital assets are an important new frontier in digital financial services, and if managed effectively have the potential to deliver economic benefits, but this needs to be done in a way that is safe and inclusive,” Ms Hatton told a senate committee hearing into the local nascent crypto sector.

Afterpay doesn’t currently offer cryptocurrency payments or the ability to invest with them. But Ms Hatton said that such a move would be common sense with the right regulatory framework in place locally given rampant demand particularly from younger Australians.

“A number of large players are moving in this direction and if history is our guide it will be the countries that recognise the potential of this new technology to facilitate innovation that will reap the rewards,” Ms Hatton said.

Square founder Jack Dorsey is a big believer in Bitcoin.