Mass Crypto Adoption: PayPal And Venmo To Roll Out Crypto Buying And Selling, Sources Say
The mass adoption of cryptos has been one of the main goals that the crypto industry has set, and things have been going great so far.
There have been a lot of moves made in this direction, and more achievements seem to be on their way.
If the PayPal news turns out to be accurate, mainstream crypto adoption is closer than we thought.
PayPal could start rolling out buying and selling cryptos
It’s been just revealed that fintech giant PayPal is planning to roll out direct sales of crypto to its 325 million users, according to three sources.
As you already know by now, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase – but the news above would definitely be a first in terms of offering direct sales of crypto.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a source told CoinDesk.
The same insider continued and said, “They are going to have some sort of a built-in wallet functionality so you can store it there.”
It is unclear which or how many cryptos would be available. The same source said they expected PayPal “would be working with multiple exchanges to source liquidity.”
A second inside reportedly confirmed that PayPal is looking to offer to buying and selling of crypto and said the service could be expected “in the next three months, maybe sooner.”
PayPal still has to comments on the news
PayPal did not comment on these plans for now.
It’s also important to note that Coinbase and Bitstamp were mentioned as likely contenders by the sources. Both exchanges declined to comment.
Also, it’s important to highlight that PayPal has a relationship with Coinbase from back in 2016.
In 2018, Coinbase made instant fiat withdrawals to PayPal available for U.S. customers, and in 2019, the European Coinbase users were able to withdraw to their PayPal accounts, followed by users in Canada.
The news triggered massive excitement in the crypto space.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.