Initially reported by CoinDesk, the digital payments giant is planning on introducing cryptocurrency trading through New-York based Paxos’ new brokerage service.
More details on Paypal/Crypto. 1. sources confirm it is happening 2. if true, it is what I anticipated. Like Revolut you will not be able to send/receive Crypto (probably bitcoin and few more) but only to trade. It's exposure to crypto. not adoptionhttps://t.co/16AOsFNUlC — Ouriel Ohayon (@OurielOhayon) July 20, 2020
However, it is still unclear as of yet which cryptocurrency assets will be supported on PayPal.
On July 15. Paxos announced the launch of its crypto brokerage service.
The new service will enable integrating cryptocurrency trading functioning on other firms through an application programming interface integration.
Reportedly, it will also manage regulatory compliance.
CoinDesk added that PayPal will use this new service to deliver its cryptocurrency trading features.
PayPal entering into the cryptocurrency space will definitely give cryptocurrency a major leg up for this industry.
Paypal was initially a member of the Libra Association, although it withdrew its membership in October 2019 following skepticism from the public and regulators.
Recently, PayPal validated developing capabilities in the crypto space in a letter to the European Commission.