PayPal and Paxos Consider Partnership in Bid to Launch Crypto Services
By Luke Flowers – Crypto Specialist
An announcement has been published regarding payment giant Paypal and the leading issuer of the stablecoin Paxos Standard Token (PAX). According to Coindesk, PayPal is entering the cryptocurrency sector in partnership with New York-based Paxos, in their effort to make cryptocurrency trading available to more people. Quoting ‘two people familiar with the matter,’ it is reported that Paxos will manage the service’s digital asset funds and supply chain.
With the unfolding of the news, many are speculating as to what cryptocurrencies specifically will PayPal include in their proposed cryptocurrency trading service. The community is expecting these details to be released with the official announcement.
PayPal have been steadily expanding their number of active users in the past decade according to studies, and as a key provider in the FinTech and payments sector, would mark this occasion and as a major milestone for cryptocurrency adoption. The money transfer platform received 9.3 million new users in the last quarter of 2019, with their growth maintained at a 14% increase ‘year-over year.’ In 2020, they have predicted 35 million new account holders.
Paxos have already contributed to the digital asset space as a long-term participant. Recently, the firm released Crypto Brokerage, a platform to enable businesses to implement crypto buying services and products into their own applications.
In addition to PayPal’s future plans, their mobile app Venmo has seen an equal growth in popularity. The platform reached the end of 2019 with more than 52 million users and according to reports, is to be part of their new cryptocurrency offering. Customers could expect to be able to buy and sell Bitcoin from both the app and the main site.