Australian FinTech Zip has its sights in the US cryptocurrency market
By Bob Garcia
The FinTech company sees a golden opportunity in the US cryptocurrency space
The cryptocurrency space is in the crosshairs of many, which makes sense given its growing popularity over the past few years. Many celebrities, well-known companies, and more have increasingly dipped their toes into the waters of this market. Now, Zip, the Australian “buy now, pay later” (BNPL) firm, is penciling the cryptocurrency industry into its book of plans as a future growth strategy.
Brad Lindenberg, CEO of Zip US, told attendees at the company’s first retail investor day that “Innovation around cryptocurrencies feels like the Internet did in 1995.” With this, he has made it clear that the rise of an innovative market may become central to the lives of many in the coming decades and he wants Zip to be part of that growth. The company’s interest in cryptocurrencies had previously been hinted at and now a concrete plan has finally materialized. The idea is to be able to create a project that integrates a cryptocurrency trading functionality for US users and gives merchants the option to accept Bitcoin (BTC) payments.
The news comes shortly after internal research was conducted at Zip, which indicated that BNLP users are 67% more likely to trade cryptocurrencies than non-users. In addition, Lindenberg touted the integration as a natural next step for a company that plans to cater to what he termed the “Millennial finance diet.”
The company also made it clear that crypto trading functionality and merchant support for BTC payments are not the only things in its plans. It also intends to launch a feature called “BitcoinBack” next year, which will give its customers the ability to convert cash rewards into BTC. While the launch is US-focused, it will eventually expand to a total of 12 global markets, including Australia, over a period of one to one and a half years.