PayPal partners with Paxos, the United States Stablecoin operator in order to introduce crypto trading services.
July 20 2020 | AtoZ Markets – One of the leading global payments companies, PayPal will partner with the issuer of the major stablecoin Paxos to facilitate the supply of digital currencies for its upcoming crypto services. The entrance of PayPal into the crypto space will spark a major development for the crypto industry.
PayPal and Paxos might announce their partnership this week
The report cited two sources revealing that the official announcement could be made as soon as this week. The offering would make PayPal one of the most prominent mainstream companies to offer crypto purchases. The global payment giant would join fellow publicly-traded payments provider Square and unicorn stock brokerage Robinhood.
The New York-based Paxos last week launched Paxos Crypto Brokerage and announced its first customer in Revolut US, the American division of the U.K.-based fintech firm that offers bitcoin trading. However, it is not clear exactly which cryptocurrencies PayPal intends to offer. PayPal has over 300 million users worldwide, and it is one of the largest payment facilitators. The company also has close ties with Coinbase as the crypto exchange users can purchase cryptocurrencies with their Paypal account.
Earlier, PayPal and its Venmo subsidiary said they would bring direct buying and selling of crypto to some portion of the company’s 325 million users across countries.
PayPal entering crypto could be huge for the industry
In a letter to the European Commission in March, the global payment giant PayPal said it is “monitoring the evolution of the crypto-asset space” and has taken “unilateral and tangible steps to further develop its capabilities in this area.”
The news of PayPal entering crypto and joining this industry could mean nothing but acceleration for the most dominant coin. In fact, the payment giant has accelerated its process since the Libra stablecoin project was announced in June 2019.
PayPal was among the Libra project members for about four months before it withdrew in October 2019, along with other payment giants such as Mastercard and Visa. PayPal entering crypto could be huge for the adoption of crypto across countries.
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