According to Ian Allison’s report plans are in the works to offer crypto buying and selling to users of Paypal and Venmo.
According to the crypto news outlet's report, one of three unnamed sources said:
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo.”
Liquidity for the offering would be sourced from crypto exchanges.
"PayPal does not comment on rumors or speculation," told Paypal representative, when reached for comment.
It’s worth remarking that PayPal has a longstanding relationship with Coinbase, going back as early as 2016. Coinbase made instant fiat withdrawals to PayPal available for U.S. customers in 2018. European Coinbase users could withdraw to their PayPal accounts last year, followed by users in Canada.
At the same time, fintech apps that offer crypto are earning money. Square, the payments unicorn launched by Twitter CEO Jack Dorsey, rolled out bitcoin purchases in its Cash App in mid-2018. Cash App reported $306 million in bitcoin revenue in its most recent earnings report.
According to one source that Coinbase reported, the service may become available in the next several months.
In 2014, Paypal partnered with three bitcoin payment processors, including Coinbase, which enabled merchants in its network to allow bitcoins to be used as payments.
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