Zip looks at millennials with expected U.S. crypto trading launch next year

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Australian company Zip, Afterpay’s smaller rival recently acquired by Squares, is associating its prospects for future growth with the cryptocurrency industry.

Zip USA CEO Brad Lindenberg told attendees at the company’s first Retail Investor Day that innovation around crypto is like the internet in 1995. The company’s interest in crypto has already been mentioned and is now taking shape in concrete plans. One project integrates crypto trading functionality for users in the United States and enables its traders to accept Bitcoin (BTC) payments.

Its internal research bolstered Zips’ confidence in the decision, which found BNPL users are 67% more likely to trade cryptocurrencies than non-users. Lindenberg further touted the integration of crypto as a natural next step for a company seeking to respond to what he has dubbed the Millennium Financial Scheme.

Zips co-founder Peter Gray told reporters earlier this summer that supporting crypto trading and providing a digital wallet were among the top demands from Zip users, hinting that the company understands its younger generation of customers and would deploy targeted products and services to them.

Along with the crypto trading feature and merchant support for BTC payments, Zip also plans to launch a BitcoinBack feature in 2022 to allow its customers to convert cash rewards into BTC. All of these offerings are expected to launch in the US in 2022, but will eventually expand to a total of 12 global markets over the next 12-18 months, including Zips home turf in Australia.

Related: Square to Acquire Australian FinTech Afterpay in $ 29 Billion Deal

As reported last week, AfterPay itself has signaled that it will likely pursue crypto services once the regulatory framework in Australia becomes more transparent. The BNPL pioneer informed a Senate investigation into Australia as a technology and financial center that traders could reduce payment costs by using crypto and that bypassing traditional rails could create significant efficiencies.

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