‘Buy now, pay later’ firm Zip plans to offer crypto trading in US, Australia

Zip, an Australia-based ‘buy now, pay later’ (BNPL) firm, is on course to launch crypto trading to its Australian customers and U.S. users. Zip acquired U.S.-based Quadpay last year in a bid to expand its North American footprint.

Why should we care?
Though crypto trading isn’t an offering that’s typically paired with BNPL, Zip is quickly adding products to catch up to rivals Afterpay and Klarna. The new offering is expected to launch within a year. Zip, which has a market capitalization of around $4B, will be folding Quadpay into the Zip brand to enhance its prominence in the U.S., one of its biggest markets. Crypto would allow it to differentiate as other BNPL players add services. For example, Afterpay is planning the launch of a banking app in October. Adam Ezra, CEO of Zip’s Quadpay unit, teased the possibility of a foray into crypto in April, when he said the company was planning to add products “consumers are interested in — digital banking, and things like Bitcoin and trading shares.” Crypto trading using digital wallets was one of the most requested new products from users, according to Zip co-founder Peter Gray.