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PayPal will support cryptocurrencies, is it important?

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Written by   54
6 months ago

The news is a few days ago but I preferred to wait to find out a bit more and to avoid a possible denial that would have made the article useless, however it seems (almost) certain that Paypal will integrate support for cryptocurrencies, but how?

According to some rumors, it seems that the giant of online payments PayPal is thinking of offering its users the direct sale of cryptocurrencies. Currently PayPal is already being exploited in some way in the crypto universe by those who need to withdraw funds from the exchange such as Coinbase, but this move would represent a descent into the direct field by the company.

According to sources close to the environment it seems that soon PayPal, and its subsidiary Venmo, will integrate a sort of wallet that guarantees the conservation of cryptocurrencies as well as carrying out buying and selling operations.
In the current state of things it is unclear which and how many cryptocurrencies will be supported. PayPal, according to rumors, will collaborate with additional exchanges for liquidity request and among the exchanges in question there are already the names of Coinbase and Bitstamp.

PayPal, as mentioned above, has a long-standing collaboration with Coinbase that dates back to 2016. In 2018 Coinbase made possible the withdrawal of fiat funds (Euro, Dollar, etc.) to PayPal for western customers, possibility extended last year to European and then to Canadian users.

 

Direct sale of cryptocurrencies on PayPal: debut service within three months

We are always in the field of hypotheses, but the rumors should be particularly solid.
The debut of the eventual service could take place over the next three months. PayPal currently has 352 million users, while Venmo has over 52 million. And PayPal's CEO, Dan Schulman, recently expressed his willingness to "aggressively monetize" the Venmo platform

Is it the right time?

This is a fairly happy moment for the fintech companies that offer some services related to cryptocurrencies: Jack Dorsey's startup Square recorded 306 million dollars in bitcoin turnover from the Cash App service, while Revolut, which started to offering customers the opportunity to invest in cryptocurrencies in 2017, raised funding of 500 million in February for an overall valuation of 5.5 billion.
Robinhood, a particularly popular stock trading app in the U.S., began offering the ability to trade cryptocurrencies in February 2018.

The rumors, however, are also based on a series of clues. Earlier this year PayPal opened new job positions for its Blockchain Research Group, last year abruptly abandoned Facebook's Libra project and, more recently, the company's CTO has expressed a strong stance on the potential of blockchain. : "The digitization of cash is a matter of when and not if".

For now PayPal has not released any official position on the rumors.

What do you think about it? Will PayPal offer support for buying and selling cryptocurrencies or not?

Thanks for reading this far and see you soon!

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Comments

It will accelerate the mass adaption process but people mostly stake or hodl their currencies in De-Fi nowadays. I think it will be hyped but coins will not be used in daily lives.

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6 months ago

When will that be? Because I need that.

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6 months ago

I sink next 4-5 months later

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6 months ago

That is so far.

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6 months ago

I think, Paypal had earlier in 2019 invested in LBRY project and later withdrawn from it citing political pressure. So, if it started to venture in crypto then it has to go a lot of process. But once it starts to accept crypto, crypto industry will definitely going to boom because others financial service providers like MasterCard, Visa etc has to also do some venture in crypto to gain market share in crypto.

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6 months ago