Reports reaching us this morning have said that Global payments giant, PayPal has plans to start selling large-cap digital assets to its customer base. Recent statistics carried out by the company revealed that the firm boasts of nothing less than 325 million customers around the world. According to the company, they are hoping to begin selling and buying of crypto directly from PayPal and Venmo in the coming months.
The source said Paypal has plans to develop their wallet to have an inbuilt function which would enable the buying, selling, and storing of digital assets. According to further reports, PayPal hopes to first dive into Bitcoin and include other large-cap cryptos after that. Presently, PayPal is used as banks for crypto firms like Coinbase for withdrawing or depositing cash to buy digital assets.
PayPal to partner with Coinbase and Bitstamp, report says
The company has said that any customer that uses the direct or peer to peer transfer of digital assets is liable to be banned from using the services of the firm. The source noted that PayPal is hoping to collaborate with other crypto firms to make this a reality. “It is unclear which or how many cryptocurrencies would be available. [We] expected PayPal would be working with multiple exchanges to source liquidity,” the source noted.
Another source has confirmed that the new feature on the wallet should be expected in the next three months. In terms of liquidity, Coinbase and Bitstamp are the two crypto big wigs that would partner PayPal on the project. With the news already making waves across the crypto community, none of the companies involved has released any statement. Coinbase is one of the few crypto firms allowed to work with PayPal with firms like Localbitcoins and a few others blacklisted by the payments platform.
PayPal hopes to exploit Blockchain technology, PayPal CTO claims
With Bitcoin making massive waves and gaining recognition across the globe, adoption by big-time companies has skyrocketed. Many firms are gradually making it their alternative payment option and as a hedge in times of trouble. According to the job listings on PayPal, the firm is ready to step up its effort at launching the Blockchain and cryptography platform. At the beginning of the year, the company offered up positions in its Blockchain research group in San Jose and Singapore.
Talking about the research, CTO of PayPal, Sri Shivananda was quoted as saying, “The company wanted its own “perspective and view on [blockchain] technology itself to see how it can help us contribute to the concept of creating an open digital payments platform that can serve everyone.” He further stated that Binance was a huge admirer of the Blockchain technology and are hoping to fully exploit it in the coming months.