Paypal is definitely giving huge steps in cryptocurrency direction, accordingly to Coindesk the giant fintech company picks Paxos brokerage to deal with their supply on Cryptocurrency assets.
The custodian company will be the Paypal supplier and will be in charge for all regulatory compliance also securing the Cryptocurrency Holding, buying, selling and sending capabilities. Paxos is a qualified brokerage Firm regulated by the U.S authorities with rights to secure Gold and Digital assets such Bitcoin and Ethereum on behalf of the investors.
Paypal have been reported interest on Cryptocurrency since June 2020, where the giant company was noticed start offering buy and sell Crypto to customers in near future. If that got confirmed by the company, PayPal would give more than 300 millions customers the hability to buy, send and store Crypto assets in behalf of clients spreaded all over the world in more than 170 locations.
Recently PayPal letter to European Union commission of commerce exposed some more info about their interest on Crypto ecosystem, but also ask the legislative commission to ensure all regulations concerning adoption of this assets can be created to comply with anti-money laundering. This can be a whole new pump on market if the news got confirmed on days to come leading PayPal to become the biggest online services payment dealing with Crypto.
PayPal was on the association that backing up the Libra stablecoin from Facebook but decided to withdraw from the project and follow their own projects, if this interest from the fintech giant means a new fuel to Crypto market next weeks we could see some intense market moves on the ecosystem.
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**Paxos Brokerage image here.
Wow, they really planning something relevant :D