Australian BNPL Company Zip Intends To Offer Cryptocurrency Trading Services In AUS And The US

Zip, a firm utilizing the method of (BNPL) ‘buy now pay later, is seeking an entrance into the market of cryptocurrency through providing its services to its customers during the time of coming 12 months. On the 22nd of July, the co-founder of the firm named Peter Grey stated to Reuters that the consumers had frequently requested the company for enhancing its support by providing the trading services of cryptocurrency as well as a crypto wallet. He mentioned that the clients are demanding the relevant additional services as well as products.

Afterpay, a competitor of the organization, is delivering the services to the customers in New Zealand, the United States, and Australia per its American-based Quadpay unit. It has been recently announced by the company that it will rebrand Quadpay to Zip for increasing awareness about the brand as well as to become an international firm.

As Yahoo Finance states, the market cap of Zip is about $4.1B. The company is among the prominent market giants such as Afterpay (the pioneer of the concept as well as having a market cap of more than $31.4B). Recently this month, It has been announced by ‘Apple’ that it is also planning to come into the sector of BNPL to enable the users of Apple Pay to deposit their dues in four instalments without any interest. This week, Afterpay disclosed that it would introduce some saving accounts containing a flat interest rate of 1% as its initial product launch in association with Westpac bank.

Previously in April, the co-founder of Zip revealed that the short-term strategies of the organization did not incorporate the conventional banking products as their scope was limited to the radical advancements. He added that the upcoming vast project of the firm would be more specifically related to cryptocurrency because they provide the consumers with the ability to sell and purchase crypto via utilizing the application. Moreover, Peter Gray figured out, the forthcoming plans will be less focused on the traditional banking services such as enabling the users to possess a saving account providing no-coupon service.

The data mentioned on TradingView, a stock-picking platform that lets the consumers know the best strategies regarding investment, suggests that Z1P (Zip stock) has an average ten-day rolling volume of about $13.98, and presently it is at the price value of $7.14.

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