No, you will not be able to send "cryptos" to reimburse a pizza in a few steps.
But you could sell a few on the fly to build your Lydia fundraiser and pay off your little debt.
The French mobile payment application will allow its 5.5 million users to invest in the dynamic cryptocurrency market by the end of the year, but also in the shares of French and American companies on a fractional basis. .
“Lydia Trading is for people who don't speak
banking
and who have a little more money than they need on a daily basis.
We remove the complexity of investments in favor of natural intention, ”explains Cyril Chiche, co-founder and CEO of Lydia.
Read alsoSatoshi Nakamoto: the creator of Bitcoin, 15th potential global fortune, remains an absolute mystery
Concretely, a user with a verified profile will be able to buy and resell virtual currencies with the same interface and the same user experience as to send money without making a tedious bank transfer.
All the ingredients that have made the reputation of the Fintech start-up.
Buy and resell without thinking too much in a familiar and more secure environment than alternative trading platforms and their lots of scams.
A step in the development of banking services
Lydia sought the expertise of Bitpanda, a young Austrian startup specializing in cryptocurrency trading.
A dedicated team of 20 people worked on the project for a year and a half in order to integrate technology into the application for smartphones.
"We have seen a real societal issue on a global scale on these purchases because they are investments with little money and there is a real weariness on financial products which do not yield more than inflation", points out the boss of the start-up, a third of whose users are between 18 and 25 years old.
The trading offer is aimed at a generation that not only grew up with the mobile payment service launched in 2013 but is also interested in "cryptos" even if it is sometimes attracted by the sirens of speculation and short-term profits. .
So there is no question that these customers are spinning with competitors like the giant Binance (70% of the trading market), Coinbase, Crypto.com or Ledger.
Lydia has set a target, modest given the potential, of 200,000 customers for this service after one year with a low commission on all transactions because the target is elsewhere.
“We do not want to be a simple trading application but to become in the long term the platform for all financial services”, Cyril Chiche projects himself.
And achieve profitability from 2023.
"It's a good way to gain loyalty or acquire new customers by showing that we know how to do everything", analyzes Jérôme Mathis, professor of Economics and Finance at the University of Paris-Dauphine.
“There are a lot of players and competition in Fintech and we have to distinguish ourselves because we are in a scenario close to the emergence of search engines where there is only one who survived the others remained on the floor, ”he compares.
