PayPal plans to implement direct purchase and sale of cryptocurrencies for its 325 million user base, writes CoinDesk with reference to sources familiar with the situation. Now PayPal can be used as an alternative method of withdrawing funds from crypto-exchanges, for example, with Coinbase, but a direct exchange of cryptocurrencies in the service was not available until that time.
Media: PayPal Implements Direct Purchase and Sale of Cryptocurrencies
“From what I understand, they intend to allow buying and selling cryptocurrency directly to PayPal and Venmo,” said an informed industry source. – There will be some functionality of the built-in wallet so that it can be stored “.
What kind cryptocurrencies can to be included in the service is unknown. One source expects PayPal to partner with many to gain access to liquidity. cryptocurrency exchanges. According to another source, the launch of the service should take place within three months..
Coinbase and Bitstamp are mentioned as likely partners for PayPal. Coinbase has been working with the service since 2016.
Other payment companies, meanwhile, are discovering cryptocurrencies as an additional source of income. Square launched Bitcoin buying in mid-2018, and Revolut partnered with Bitstamp in 2017 year. Also work with cryptocurrencies for its users since February Of 2018 lets Robinhood.
Earlier this year, PayPal posted vacancies to form a new blockchain research group. After refusing to further participate in the Libra stablecoin project, the company decided to develop its own payment initiatives, one of the sources added..
“In this business there is a main rule: you need to follow the client. If consumers see the benefits of cryptocurrencies, everything else will follow by itself, ”PayPal CTO Shri Sivananda said in March..
PayPal CEO Dan Shulman admitted in the past that he invests in bitcoin himself.
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