PayPal Teams Up With Paxos To Launch Crypto Services
PayPal has been making headlines a lot due to their alleged plans to boost the crypto space by offering services to customers.
Rumors surfaced not too long ago that PayPal is planning to roll out direct sales of crypto to its 325 million users, according to three sources.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a source told CoinDesk.
300+ million people will soon be able to buy Bitcoin with PayPal and Venmo.https://t.co/xY3hEVfmdf
— Pomp 🌪 (@APompliano) June 22, 2020
Now, it’s been revealed that PayPal is reportedly planning to announce a partnership with the NewYork based trust company Paxos as it’s preparing to launch crypto buying and selling services.
PayPal reportedly works to launch crypto services
Coindesk reported that sources said that the payments giant PayPal chose Paxos in order to handle the supply of cryptos once it launches crypto services.
According to the reports coming from the Daily Hodl, it’s not clear yet which assets PayPal will support.
Paxos is the largest issuer of regulated stablecoins, including Binance USD (BUSD).
It’s also important to highlight the fact that the financial firm can also legally hold Bitcoin (BTC) and Ethereum (ETH) on behalf of institutional investors.
More than that, it’s been revealed that this report comes a week after the launch of Paxos Crypto Brokerage service. This enables companies to integrate crypto trading and sending functionalities into their applications.
Charles Cascarilla, Paxos CEO and co-founder, stated the following:
“Instead of having to seek out new services and brands, consumers can access crypto through the brands and applications they trust – from fintech apps to banks to brokers to e-commerce brands.”
Anyway, PayPal launching crypto services would boost the mainstream adoption of digital assets. This has been one of the most important goals of the crypto space.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.