Zip Co, an Australian buy now, pay later firm, is reportedly looking to launch crypto services in the next 12 months in a bid to supercharge growth, Reuters reported Thursday.
- Peter Gray, co-founder of Zip, said trading in crypto through the use of a native digital wallet developed by the pay-later firm was one of the most sought-after product features from users.
- No further details were given on how the trading would work.
- In 2020, over AU$2.6 billion (US$1.9 billion) in transaction value was clocked by the firm, making it one of the largest of its kind in Australia behind rival AfterPay.
- Zip is targeting customers of its soon-to-be biggest markets in the U.S. and Australia, marking a significant step to begin offering crypto services.
- The firm originally announced it was looking into stock and crypto trading earlier this year but didn't specify when it would launch the services.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.