PayPal is used as a payment gateway by its most users. Throughout the years’ many users used the platform to exchange funds or to purchase products and services online. With the introduction of cryptocurrencies, PayPal was also used as a tool to buy and sell cryptocurrencies using online exchanges.
Due to the chargebacks, users sometimes prefer alternatives over the platform when purchasing cryptocurrencies. However, Paypal is now looking at integrating options for its users to buy and sell cryptocurrencies directly from PayPal and Venmo. It is unsure as to now what currencies will be available and sources mentioned that platform will be working with multiple exchanges to source liquidity.
According to informants that PayPal is looking at offering buying and selling of cryptocurrencies for its users and these services will be available within the next three months or sooner. However, PayPal has refused to comment on the topic as yet.
The U.S. Coinbase customers got the chance to withdraw their funds immediately to PayPal during the year 2018. This partnership with Coinbase ages back to the year 2016.
With the development of the blockchain and cryptocurrencies, all these fintech apps have got the edge to develop and look at new revenue streams. Dan Schulman the CEO of PayPal has admitted that his immediate plan is to monetize Venmo. Venmo now has more than 52 Million accounts.
Sri Shivananda PayPal’s Chief Technology Officer has commented to press, earlier this year that “perspective and view on [blockchain] technology itself to see how it can help us contribute to the concept of creating an open digital payments platform that can serve everyone.”
Though he was not able to comment on the company’s specific plans he has also mentioned the following.
“We are a strong believer in the potential of blockchain. The digitization of currency is only a matter of when not if.”
