Paypal and Venmo have more than 375 million users together. Currently you can use PayPal to withdraw money from Coinbase and other exchanges. But the direct buying and selling would be a sensation and would give a lot of new traders easy access to Bitcoin and Co.
It is still unclear which crypto-currencies are tradable and if PayPal might even start with an own currency. To get enough liquidity PayPal will have to work with several exchanges.
From a reliable and anonymous source it can be learned that PayPal itself will have integrated wallets for crypto currencies and that trading is possible directly from the usual user interface. It is also said that the start should be in 3 months at the latest.
Crypto is increasingly seen as an obvious way to increase the number of users of Fintech apps and to open up new sources of income. Indeed, PayPal CEO Dan Schulman has made it clear that his plan for this year is to aggressively monetize Venmo, which has over 52 million accounts.
PayPal has its Blockchain Research
Group since early 2020
After PayPal was briefly involved in the Facebook-led Libra project last year, the focus is now on expanding its own expertise in payment transactions, according to one of the sources that were added.
“We strongly believe in the potential of blockchain technology. The digitalization of currency is only a question of when, not if”Shivananda, CTO at PayPal
Officially PayPal still refuses to comment on the plans.