Paypal Joins Cryptocurrency Exchanges, To Offer Cryptocurrencies to Users
PayPal Inc, an American online payment giant, is presently perfecting plans to commerce sales of cryptocurrency to its 325 million users, according to sources familiar with the matter.
While Paypal can presently be used to withdraw funds from few exchanges like Coinbase, it has never been directly involved in the sales of cryptocurrency.
A source familiar with the situation, quoted by Coindesk, said “My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there.”
It is unclear how many cryptocurrencies would be available when Paypal finally roll out its program but the source said the company would likely be working with multiple exchanges to source for liquidity.
The move would further deepen cryptocurrency acceptance and broaden its reach into the mainstream, especially the United States, the world’s largest market.
