Let me start of by issuing a disclaimer. This news has not yet been confirmed by either company but it has been in the works for a long time. Coin Desk issued a report stating that users of PayPal and Venmo would be able to buy and sell on their platforms very soon. Since there are a total of 325 Million users on the FinTech Giant, this would mean that more opportunity for the world to dig deep into Crypto trade will come forward.
As mentioned before, both companies are yet to acknowledge this statement but they are yet to deny it as well meaning it could go either way. Coin Desk are reported to have talked with a well-placed source in the industry that has stated ““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.” Further information from the sources reveal that “PayPal would be working with multiple exchanges to source liquidity”. This news was further strengthened when another source of information backed it up and said that users could expect to see this service be launched in the next three months.
This speculation was further fueled by PayPal’s Job Postings earlier in the year for Blockchain Research Group. PayPal’s CTO Sri Shivananda has said that the company wants their own perspective on Blockchain and to see how improved technology could help create a digital platform that will serve people better. He further informed Coin Desk that the brand was a huge believer in the power of blockchain and that there would be a time when currency will go fully digital.
It is worth noting that PayPal already has partnerships with a few exchanges including Coinbase and that they already possess the capability to let merchants accept Bitcoin as a payment. We do not know if this news is true or not but we can say this for certain that if it does come to pass, it would mean that there will be a bigger community with access to the crypto world and the push towards crypto adoption will take a huge leap. What do you think on this topic? Is this news true? Will PayPal’s users benefit from this new feature? When will the worlds currency go completely digital? Share with us your feedback and thoughts and we will be sure to highlight them.