2 November 2024
PayPal And Venmo To Allow Users To Buy And Sell Cryptocurrency
Venmo and PayPal are soon going to integrate crypto which will allow its users to buy and sell leading cryptocurrencies like bitcoin on the platform.
The cryptocurrency news outlet, CoinDesk reported that two payment firms are set to introduce a cryptocurrency buying and selling service.
The report states that a person familiar with the matter shared that two peer-to-peer payment platforms- PayPal and Venmo are planning to enable the buying and selling of cryptocurrency directly from the platforms. They will have “some sort of a built-in wallet functionality so you can store it there.”
It is said that PayPal will rely on several exchanges as liquidity providers for the transactions. The firm is yet to reveal which cryptocurrencies will be offered to the users.
As per the sources, PayPal is planning to launch the buying and selling of cryptocurrencies in the next three months or even sooner than that.
This is a big deal in the crypto world as both PayPal and Venmo boast a customer base of nearly 400 million. The million user base will result in offering a crypto-oriented service that will expose Bitcoin to millions of users; subsequently bringing the mass adoption dream closer to reality.
It is not the first that PayPal has shown interest in crypto and blockchain. Previously, PayPal was also the founding member of Facebook’s Libra Association that was announced in June 2019 but the firm stepped back from the digital currency project last October.
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