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Zip to make a major move into the cryptocurrency industry

The Australian company is exploring the possibility to turn into a trading platform.
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Zip, an Australian company, is exploring the possibility to become a trading platform.

Zip Co Limited was founded in 2013 by Larry Diamond and Peter Gray. The firm, headquartered in Sydney, is one of the largest “buy now, pay later” companies in Australia. 

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Co-Founder Peter Gray declared that Zip Co might change in the future and expand into a digital currency and trading platform. This trading service is thought to initially start in the US in collaboration with QuadPay before considering a launch in Australia.

QuadPay is headquartered in New York and counts millions of customers. The firm is owned by Zip Co Limited and is supposed to be a main component in the new service launching.

“We’re very keen [to] move on this feature, and the U.S., in particular, might be further advanced than Australia,” Gray said, according to the Dow Jones newswires.

Zip has confirmed the rumor and will not create a new application to offer the new service. The already existing Zip app will be used instead. Anyhow, no further details on how the new feature is going to function have been released yet.

“It’s probably going to be slightly different for each of the products and services we roll out,” he told the newswire.

Co-founder Peter Gray stated that the company intends to be more driven into digital currencies and trading shares more than the capacity of having a “no-coupon saving account.”

What are “buy now, pay later” services?

Also known as “store finance”, this service gives customers the possibility to acquire something on credit without requiring immediate payment. The liquidation can be made after an established interest-free period. This type of payment is mostly used for online purchases. 

Zip vs Afterpay

Afterpay is a direct rival of Zip, and earlier this year partnered with Westpac to offer its clients banking services. Unlike Afterpay, Zip Co Limited does not want to move in that direction. As cryptocurrencies and trading markets are booming lately, the company prefers to approach these kinds of services.

zip vs afterpay
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