Is PayPal Poised to Enter Crypto? All You Need to Know

The crypto and fintech spheres are abuzz with news that PayPal could potentially be making an entrance into the cryptocurrency sphere by offering its users the ability to buy and sell cryptocurrencies. But are the rumors true?

The story started with a CoinDesk report on Monday, June 22nd, which stated that several people familiar with the matter confirmed that Paypal was working on building a direct buying and sales portal for cryptocurrencies within its own app and its subsidiary, Venmo.

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Additionally, “they are going to have some sort of a built-in wallet functionality so you can store it there,” the source told CoinDesk. The source also stated that Paypal “would be working with multiple exchanges to source liquidity,” and that the portal could be expected to be online as soon as three months from now.

PayPal has shown some interest in cryptocurrency in the past

Although PayPal hasn’t come out and announced an entry into cryptocurrency, the company’s history does seem to say that an entrance into the world of cryptocurrency sales is highly likely. After all, Paypal has brushed up against the cryptocurrency world in the past; however, this would be the first time that Paypal dipped its toes directly into the crypto pond.

“However, when big names such as a PayPal start to look into offering these products, it brings a sense of trust and stability, and this will only help the industry gain a larger following,” he added.

“I expect a lot of the ‘smaller’ exchanges to start to re-evaluate their product line and cost methods to be able to stand up against giants like PayPal, and this is a good thing as it should bring pricing to an acceptable line when it comes to deposit fees.”

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