Australian buy-now-pay-later company Zip Co Ltd. revealed its fourth quarter financial results on Thursday, unveiling its withdrawal from Singapore while ‘deprioritizing’ cryptocurrency offerings.
The news comes after the platform had stated back in July 2021 that it is mulling crypto trading options for faster growth in the BNPL segment.
Late last month, Zip announced that it will allow Bitcoin payments for its US customers.
The media outlet noted UBS analyst Tom Beadle stating that “Credit risks remain elevated,” for Zip.
And with crypto uncertainty weighing heavily on platforms like Celsius and Vauld, many have welcomed Zip’s decision.
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