PayPal and Venmo are preparing to add the option to buy and sell cryptocurrencies
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Answer PayPal and Venmo are preparing to add the option to buy and sell cryptocurrencies
According to three people close to “Paypal” and “Venmo” who told about them Source PayPal and Venmo are planning to offer buying and selling services for cryptocurrency.
As the giant “Paypal” in the field of financial technology, plans to offer the services of buying and selling cryptocurrency to 325 million users.
Currently, PayPal can be used as an alternative method of withdrawing funds from exchanges such as Coinbase, but this is the first time that a direct purchase and sale of cryptocurrency will be offered.
According to these informed sources:
They will allow buying and selling cryptocurrencies directly from PayPal and Venmo.”
Read:Crypto Funds Record Strongest Institutional Monthly Flows in 2022
They will have some kind of wallet function built in so you can store your cryptocurrency there.
Until now, it is not clear which digital currencies will be available, but according to what was mentioned in the aforementioned source, “Paypal” will work with cryptocurrency trading platforms to obtain sufficient liquidity for its customers.
A second source confirmed that PayPal is looking at an offer to buy and sell cryptocurrencies, and said the service can be expected in the next three months, possibly sooner.
While PayPal declined to comment on what was leaked.
To conclude, PayPal will enter into direct competition with cryptocurrency trading platforms in the United States of America, such as Coinbase and Bitstamp.
It is worth noting that PayPal has a long-standing relationship with Coinbase, dating back to 2016.
In 2018, Coinbase made instant cryptocurrency withdrawals to PayPal which became available to users in the USA.
Last year, European Coinbase users were able to withdraw their cryptocurrency and transfer it to their PayPal accounts, followed by providing the same service to users in Canada.
It is possible that “Paypal” and “Venmo” salivated from the amount of money achieved from digital currencies that some applications that support digital currencies were able to achieve, such as the “Square” application founded by “Jack Dorsey”, the founder of Twitter, where the revenues of the “Square” application reached An estimated $306 million, according to one report.
Read:IMF calls on El Salvador to remove legal description of Bitcoin
The London-based Revolut app was also able to offer digital currencies to users after partnering with Bitstamp in 2017, valuing the app recently at $5.5 billion.
Robinhood, another fintech app believed to be fueling the recent retail boom in stock trading, debuted cryptocurrency in February 2018.
Read:Adzcoin e-currency
Crypto is increasingly seen as an obvious way to boost the numbers of fintech users and create new revenue streams.
PayPal CEO Dan Schulman explained that his plan this year is to aggressively monetize Venmo, which has more than 52 million accounts.
Paypal and blockchain technology
At the beginning of 2020, PayPal posted job opportunities to increase its blockchain research group, with PayPal posting eight jobs: four in San Jose and four in Singapore.
As a reminder, PayPal has previously withdrawn from the “Libra” project, which is supervised by Facebook to focus on its services in the field of digital payments.
Read also:
Explanation of how to buy and sell digital currencies in the Arab Bitcoin Group
8 unusual ways to get bitcoin in 2020
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