Australia’s BNPL firm Zip Co considers to provide an opportunity for its clients to trade in cryptocurrencies through the digital wallets. Zip is launching crypto trading services for its Australian and U.S customers in the next 12 month period. Besides this launch to trade digital currencies is mainly to target the younger generations of clients. And so the firm is ready to retain those users providing additional products and services that are relevant to them.
Zip Mulls crypto trading services
Zip Co is one of the popular Buy Now Pay Later (BNPL) Australian company, helps the customer to shop flexibly. It just offers the consumers to purchase anytime and anywhere and pay it off over time. Moreover, in Zip the users can shop their products in a fast and simple way at their favorite stores, online or in person. Also, the Zip app enables the customers to schedule their payments over weekly, fortnightly or monthly.
Moreover, the U.S markets are growing mature driving its fourth-quarter efficiently. Thereby increasing its market volume in the country. And so this launch of crypto trading services through the digital wallets will be an innovative idea to reinforce the U.S market. On the other hand the Australian Millennials trust crypto investments and so the market is fully-fledged. More so, 30% of the clients holding the BNPL account is an additive to the market. Thus, this offer to trade with crypto currencies will be a great asset for both U.S and Australian customers.
Zip said it would likely launch the new service in the US and in Australia in the next 12 months.https://t.co/koHPaDhmEC
— ETMarkets (@ETMarkets) July 22, 2021
Co-founder of Zip Co, Peter Gray shares,
“Trading in crypto using Zip digital wallets was one of the most requested new product features from users. The company is vying to close ranks with bigger rivals to expand more into countries and plot new offers as BNPL sectors.”
Additionally, Zip Co.’s strong competitor Afterpay already announced to launch a banking application (APT.AX) in October. Thus Afterpay plans to surpass its services beyond BNPL for its 3.5M Australian users. Also the government grants the firm with a legal license to provide debit cards, financial product advice.
Zip stock (Z1P) Market Value
According to TradingView, Zip (Z1P) live price is 7.09 AUD at the time of writing. The Zip stock has recorded an increase in the price by 1.43%. Notably, Zip stock (Z1P) 10 days trading volume is $14.214M. In addition, Zip provides a market capitalization of $4.26B. Thus Zip is trying to play a strong competence performance with its competitor, Afterpay. However Afterpay holds the higher market cap of $22.58 billion.
Thus, the BNPL sector is increasing its performance with rapid growth over the past year. Big rivals are competing to be a part of this sector to increase the market values. Therefore, Gary says the firm is also launching budgeting tools for the Zip customers. As this tool is inaugurated for the first time in Australia.
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