French payment processing app Lydia has now integrated support for digital assets trading on its platform.
Through the partnership, as many as 5.5 million Lydia customers will now be able to buy and sell digital assets like stocks, fractionalized stocks, bonds, Exchange Traded Funds (ETFs), and ultimately cryptocurrencies. According to the firm, the support was made possible with the integration with Bitpanda, the Austrian unicorn digital asset brokerage.
The Lydia app looks to set up a precedent for related diverse offerings in the United Kingdom in competition to American payment giants, including Cash App, Paypal, and Robinhood.
The company said the trading approach is licensed and being described as one of the most accessible apps for onboarding new users.
“If you want to buy assets right now, it’s too complicated,” Lydia co-founder and CEO Cyril Chiche told me. “Even just accessing those markets is complicated. It takes you several days to register and verify your account. After that, you have to send money. And then, there are minimum amounts.”
Chiche said the Lydia approach is different as users will be able to connect to the trading app through their existing accounts. Unregistered users will be able to communicate in a few simple taps. The collaboration with Bitpanda showcases the ability of crypto-focused firms to form mutually beneficial business relationships. This trend is essential to drive the mainstream adoption of the crypto industry.
Bitpanda’s integration with Lydia is considered a pioneering attempt by the Austrian digital asset exchange to help legacy fintech firms kickstart their trading journeys. The firm said it has secured a license with the French financial regulator, the AMF, and is looking to solidify its business presence in the European nation.
It is becoming a common occurrence for payments firms to embrace cryptocurrencies. Cash App, Paypal, and Venmo are amongst the common names that come to mind, as major industry players are looking for ways to gain a good market share in the fast-growing cryptocurrency industry.