PayPal is about to launch a service to buy and sell cryptocurrencies. The same would apply to Venmo, a company that allows mobile payments through apps, also owned by PayPal.
The news was given exclusively by Coindesk, which cites qualified sources close to the payment company.
The quote is clear:
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there”.
The project would be well underway, to the point that it could become a reality in three months, “maybe sooner”. PayPal would already be in dialogue with several exchanges.
Paypal and cryptocurrencies, a revolution
In reality, PayPal has a controversial relationship with cryptocurrencies. It is currently collaborating with Coinbase, allowing simple deposits to be made on PayPal accounts, but not to use the PayPal account to buy cryptocurrencies. And this only in some countries around the world.
When the Libra project was unveiled, PayPal was part of the Libra Association, but then left, in the wake of the difficulties encountered by the Facebook project dealing with pressure from international regulators. Starting in the United States, where PayPal is based.
The reasons for a change of heart
Why would PayPal change their mind? Because the competition is starting to get intense and tough. After all, the purpose of PayPal is to allow instant money transfers. That’s what cryptocurrencies do too, and just like Paypal, they are becoming an increasingly popular means of payment.
In addition, giants such as Revolut combine banking financial services with cryptocurrency trading. PayPal simply could not stay behind.
Buying and selling cryptocurrencies on PayPal is also great news for Bitcoin and the entire industry. Paypal has over 325 million active accounts worldwide. This means that the number of people potentially exposed to crypto would increase dramatically.
In short, Paypal could contribute to the mass adoption of cryptocurrencies. A revolution.