The Fintech Giant, Zip Co set to launch cryptocurrency trading services to its Australian and American users.
Zip Co, a buy-now-pay-later startup, has announced ambitions to launch cryptocurrency trading services in the United States and Australia in the coming year. Which assets will be supported is still unknown.
According to a Reuters story, Australian financial technology company Zip Co is looking to offer virtual currency trading to its American and Australian clients.
The corporation also stated that the change would be implemented during the next 12 months. The decision was described by Peter Gray, co-founder of Zip Co:
“We know our younger generation of customers seek additional products and services that are relevant to them.”
The company’s senior executive noted that the usage of a native Zip digital wallet to trade cryptocurrency is becoming more popular. He pointed out that roughly 30% of Australian people have a buy-now-pay-later (BNPL) account, implying that the company would soon expand its crypto offerings.
Residents in the United States, on the other hand, demonstrate a higher desire for BNPL choices, implying that Zip Co will first offer the product in the United States before expanding to Australia.
The fintech behemoth intends to dabble in stock trading as well. Having said that, the corporation has yet to pick which service to make available initially. Zip Co did not say which cryptocurrency types would be added in the future months.
In terms of Australians’ growing interest in cryptocurrency services, a recent study found that over 20% of the population owns digital assets.
Furthermore, almost 90% of Australians have heard of at least one virtual currency. Bitcoin, unsurprisingly, is the undisputed leader in those statistics, with 89 percent market awareness. With 23.5 percent, Ethereum came in second.
Men and women were equally enthusiastic about the first cryptocurrency. Male adults, on the other hand, were “3x more likely to have heard of other cryptocurrencies like Ethereum, EOS, and Litecoin.”
According to the report, younger generations, particularly those aged 18 to 24, are “more likely to be aware of DeFi tokens,” with 14.4 percent, compared to 7.8 percent overall.
Citizens aged 45 to 54, on the other hand, appear to have the most expertise in the industry, as 54.5 percent of them profited from their investments.