Crypto: ‘A new financial system is emerging,’ says Zip’s US boss; BTC edges higher
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Fintech Zip Co (ASX:Z1P) has revealed more details about its upcoming foray into cryptocurrencies, saying it will introduce crypto features for its US customers next year before rolling them globally within 12 to 18 months.
Zip indicated it would allow its customers to buy, sell and hold digital tokens, earn crypto rewards and pay in Bitcoin.
Zip US chief executive Brad Lindenberg, the founder of QuadPay, said that Zip would allow its customers to buy, sell and hold digital tokens, earn crypto rewards and pay in crypto.
“We are firm believers that what we are witnessing is a new financial system that’s emerging,” Zip US chief executive Brad Lindenberg said during an investor briefing, according to the Sydney Morning Herald and the Australian Financial Review.
“The innovation around crypto right now feels like the internet did in 1995,” Lindenberg continued.
“So fast-forward a few years, and we are likely to witness structural change across the underpinnings of how our money flows and how our financial system is stitched together. …
“The distributed ledger [blockchain] is one of the most powerful concepts in fintech today,” Lindenberg said.
“We don’t know exactly where this going to land … but we need to be part of this movement and take our customers and merchants along for the journey.”
Zip also indicated it would add savings accounts, a physical pay in four card, a credit-builder feature, a shopping assistant and internet browser extensions to let users find deals.
Zip shares closed down 2.7 per cent to $6.84.
The crypto market meanwhile has been trending upward this afternoon after the overnight volatility caused by fake news about Wal-Mart accepting Litecoin payments.
The overall market was up 0.9 per cent to US$2.06 trillion, with Bitcoin rising 0.9 per cent to US$45,235 and Ethereum up 0.5 per cent to $US3,288.
Australian-founded Synthetix has been the biggest gainer among top 100 coins, rising 18.5 per cent to US$12.60.
Mina Protocol and Cosmos were second and third biggest gainers, rising 17.3 and 14.4 per cent, respectively.
Osmosis, a new entrant in the top 100, was up 9.5 per cent to US$6.77 and currently the No. 92 crypto. It’s a token for a decentralised exchange built on Cosmos.
On the flip side, Harmony was the biggest loser in the top 100, falling 11 per cent to US17.9c.