PayPal Joins The Crypto League

PayPal Joins The Crypto League

The list of tech giants joining the league of cryptocurrencies is growing. After Facebook, PayPal, the Fintech giant, now plans to offer cryptocurrency sales to its 325 million users. 

The backstory: After making an exit from Facebook’s Libra project, PayPal now seems to be following the footsteps of Twitter CEO Jack Dorsey’s project Square. The company has already been associated with some of the leading crypto exchanges like Coinbase. The Coinbase cryptocurrency platform facilitates its U.S., European, and Canadian customers to withdraw their funds into PayPal directly. 

So, What’s In Store At PayPal?

As per a leading crypto publication source, PayPal, along with its subsidiary Venmo is planning to roll out a service that enables direct buy and sale of cryptocurrencies. As per sources, PayPal will have a built-in wallet functionality that facilitates users to store digital currencies under its platform. 

While details on the supported cryptocurrencies are yet unavailable, sources reveal that PayPal has plans to work with multiple crypto exchange platforms for providing liquidity. In fact, the service is set to roll out within 3 months. 

While the company is yet to make any formal announcements, they have already started taking steps towards the development of the new project. Shortly after this news, PayPal’s job posting reportedly included positions for ‘Technical Lead, Crypto Engineer’ and ‘Blockchain Research Engineer’. However, the company now seems to have removed the positions from its official job listing page.  

This is not the first time that PayPal has been making a move to join the crypto industry. The Fintech giant has invested in TRM labs, a cryptocurrency risk management program. 

Bottom line: The inclusion of PayPal into the cryptocurrency industry is a considerable advancement for the industry and a step towards the mainstream adoption of cryptocurrencies.

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