Author Topic: Famous Firm Plans To Offer Crypto Trading In Australia And USA  (Read 209 times)

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Australian 'buy now pay later' (BNPL) firm Zip is looking to enter the crypto market by offering trading services to users in the next 12 months.

“We know that our younger generation of customers are looking for additional products and services that are relevant to them,” said Peter Gray, co-founder of Zip.

📢Demand Came From Customers
Australian 'buy now pay later' (BNPL) firm Zip is looking to enter the crypto market by offering trading services to users in the next 12 months.

Zip co-founder Peter Gray told Reuters on July 22 that increasing support for crypto trading services and providing a digital wallet is one of the top requests from its customers.

“We know that our younger generation of customers are looking for additional products and services that are relevant to them,” Gray said.

 The firm recently announced that Quadpay will be rebranded as Zip to increase brand awareness as a multinational company.

Zip said that if firm BNPL continues with its crypto plans, it will likely offer this service to Australian and US customers.

📢It Will Compete With Afterpay
According to Yahoo Finance, Zip has a market cap of $4.1 billion. The firm will enter a highly competitive industry among giants like Afterpay, which pioneered the concept and has a significantly larger market cap of $31.4 billion.

Apple announced earlier this month that it plans to enter the BNPL industry with a service that will allow Apple Pay users to pay for their purchases in four instalments. Afterpay announced this week the launch of its first product offering savings accounts with Westpac bank at a fixed 1% interest rate.

In April, the Zip co-founder stated that the firm's short-term plans do not include offering traditional banking products. He also noted that his first hints of his broader plans were “probably more about the ability to buy and sell shares from the app rather than having a crypto or coupon-free savings account.”

Zip stock (Z1P) has a 10-day average volume of $13.98 million and is currently priced at $7.14, according to data from TradingView.