Rumours has it that, fintech giant PayPal, is planning to launch direct sales of cryptocurrency to its 325 million customers. According to a recent report by Coindesk, 3 anonymous sources familiar with the matter revealed the news to them.
One source told Coindesk that PayPal is now going to allow its users to buy and sell crypto directly from PayPal and Venmo. The source said PayPal is going to have some sort of built-in wallet functionality for users to store their crypto. The number and the kind of cryptocurrencies to be available to PayPal users are not known yet. However, the insider said it is expected that the company would be working with several exchanges to source liquidity.
A second industry source also confirmed that PayPal is looking to offer buying and selling of crypto. The source added that the service could be expected within the next 3 months or maybe sooner than expected. The source also mentioned crypto exchange giants Coinbase and Bitstamp as likely contenders of this project.
Notably, PayPal has an established relationship with Coinbase. Starting from 2018, Coinbase has been making instant fiat withdrawals to PayPal available for its customers. Coinbase began with its U.S. customers, followed by European and Canadian customers.
At time of writing, PayPal, Coinbase and Bitstamp had not released any official statement regarding the matter. However, the rumour could be true considering the fact that PayPal had recently posted job openings to ramp up its new Blockchain Research Group.
One of the postings is the hiring of a Technical Lead – Crypto Engineer, who will be responsible for designing, developing and maintaining key crypto products or features. The company is also looking to hire a blockchain research engineer to work within the company’s research group.
One of the sources also added that, following their dissociation from the Facebook-led Libra project last year, the company’s focus is now on expanding its own payments expertise.