One of the leading global payments company, PayPal will partner with Paxos to facilitate the supply of digital currencies for its upcoming crypto services. The crypto news outlet Coindesk cited two sources revealing that the official announcement could be made as soon as this week. The offering would make PayPal one of the most prominent mainstream companies to offer crypto purchases. The global payment giant would join fellow publicly-traded payments provider Square and unicorn stock brokerage Robinhood.
Paxos recently launched its crypto brokerage services.
The New York-based Paxos last week launched Paxos Crypto Brokerage and announced its first customer in Revolut US, the American division of the U.K.-based fintech firm that offers bitcoin trading. However, it is not clear exactly which cryptocurrencies PayPal intends to offer. PayPal has over 300 million users worldwide, and it is one of the largest payment facilitators. The company also has close ties with Coinbase as the crypto exchange users can purchase digital currencies with their Paypal account.
Earlier, it was also reported that PayPal and its Venmo subsidiary would be bringing direct buying and selling of crypto to some portion of the company’s 325 million users across countries.
PayPal entering crypto could be huge for the industry.
In a letter to the European Commission in March, the global payment giant PayPal said it is “monitoring the evolution of the crypto-asset space” and has taken “unilateral and tangible steps to further develop its capabilities in this area.” The payment giant has accelerated its process since the Libra stablecoin project was announced in June 2019. PayPal was among the Libra project members for about four months before it withdrew in October 2019, along with other payment giants such as Mastercard and Visa. PayPal entering crypto could be huge for the adoption of crypto across countries.