PayPal selling Cryptocurrency! PayPal selling cryptocurrency is the big rumor in the cryptocurrency universe. PayPal would be able to offer 325 million users the ability to directly buy cryptocurrency.
PayPal is currently an option for withdrawing funds from exchanges like CoinBase, but this would be the first instance where PayPal would position itself as an on-ramp for cryptocurrency.
It is yet unclear which or how many cryptocurrencies would be available for purchase using PayPal, however, it is expected that they would work with multiple exchanges to source liquidity.
PayPal has not responded to these rumors. Contenders Coinbase and BitStamp have also declined to comment. It is important to note that PayPal has had a longstanding relationship with Coinbase – in 2018, Coinbase made instant fiat withdrawals to PayPal available for US Customers.
Other FinTech apps are noticing. Square rolled out Bitcoin purchases in its Cash App in mid-2018 and has reported $306 million in Bitcoin revenue in its most recent earnings report. Revolut, which partnered with BitStamp, raised $500 million in February.
PayPal has been aggressive in its efforts to ramp up its Blockchain Research Group. PayPal posted 8 engineering positions – four in San Jose and four in Singapore.
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