Times are roughly changing and big tech companies are following this developments, may not spread it to the wind but are working on the shadows to learn more from the market and adopt it as soon possible. People may not be aware of this worldwide payment companies interest on cryptocurrency but they are and soon will launch services to buy and host crypto services.
PayPal have been linked to Paxos crypto brokerage that, second sources will handle all the legal compliance measures to the payment giant fintech firm, Paxos is a certified U.S provider who have rights to custody Crypto and Gold in behalf of customers.
This isn't just a rumour, PayPal have been conducting researchers and in May was released a letter directed to E.U commission in response to a public survey, which made clear their intention to deal with Crypto but, will need strictly rules from regulators to be able to run all trade in compliance with anti-money laundering (AML) policy.
MasterCard on other hand are increasing their presence on Crypto, their program of Crypto cards are looking for more firms to join the giant payment card company and secured the fist native crypto platform, the Wirex Firm!
Why they are entering the crypto market.
PayPal history with Crypto isn't new, as the company have been involved with Coinbase since 2016 giving customers from the crypto exchange the hability to withdraw their earnings direct to PayPal accounts in Europe and Canada. Recently the fintech made a small appearance on the association with Libra stablecoin project from Facebook, but withdrew and decided to pursue own projects, and now I can say for sure "follow Crypto own projects".
Why I believe on that?!
PayPal and MasterCard appearance on Facebook project, Libra, made them realize that they was about to lose important role on Cryptocurrency ecosystem. Many customers of the giant fintech company Paypal and MasterCard payment card firm are dealing with Crypto!
This companies make revenue from Customers, they earn money from fees on transactions the clients do and the same customers aren't using their services to buy or sell digital assets and somehow this companies are losing money from it, so why not embracing the market to collect those fees and also grant full customer support regarding the matter?!
PayPal have 20 years on market of online services payments which give them hegemony on the market of online payment services during the first 10 years, but with the presence of decentralized assets in the world they just stopped to see that revenue start to decline, with more people trading in Cryptocurrency. MasterCard on the other hand have a big competition of Visa and embracing Cryptocurrency first than concurrency will give them more customers looking for their card payment.
This would be a whole new race to see giant companies adopting Crypto, and this are my opinions about this two companies, which I believe soon we will have news about on media.
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Take care.
If CashApp is world wide no one will use PayPal. I swear the fee is killing. Plus their refund my God. They refund those who request refund without asking the owner of the account for review. If a scammer request a refund they will refund it and charge you. they charged you $25 more for that. They are too greed. I just don't have a choice that's why I use PayPal and now they are planning to enter crypto through Venmo correct me if I am wrong. If the fee is still the same My God they should not enter Crypto.