Australia-based Zip Considers Adding Crypto Trading Options within a Year

Australia-leading digital retail finance and payments company Zip Co Ltd is considering adding cryptocurrency trading options for customers.

Sydney-based Zip Co is a "Buy Now, Pay Later" (BNPL) company offering point-of-sale credit and digital payment solutions, which is founded in 2013 and listed on The Australian Securities Exchange under the code of "Z1P".

As the BNPL industry has become a mainstream industry for its current customers, especially young adults, Zip company revealed that it would launch new cryptocurrency trading services in the next 12 months targeting the United States and Australian market, according to a Reuters report Thursday. 

The company also stated that it would rename its US subsidiary Quadpay to Zip and integrate it under the same name, ZIP.

The co-founder of Zip, Peter Gray, said that cryptocurrency trading is one of the new features users need most and said that:

"We know our younger generation of customers seek additional products and services that are relevant to them."

The company's transaction volume exceeded AU$1.76 billion (US$1.29 billion) in the June quarter of this year, and its full-year transaction volume in 2020 exceeded AU$2.6 billion (US$1.9 billion).

Zip has become the second largest provider of BNPL services in Australia, second only to its competitor Afterpay. Zip’s global expansion accelerates its transactions with European and Middle Eastern companies. The company said that its US subsidiary Quadpay will be renamed Zip to consolidate the brand under one name.

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