PayPal Reportedly Partners With Crypto Brokerage Firm, Might Enable Crypto Transactions

PayPal, the US-based fintech giant, has purportedly partnered with Paxos Crypto Brokerage to ship its digital currency-centric payments service. The alleged partnership could expose three hundred and twenty-five million active users of PayPal to virtual assets like Bitcoin, Ethereum, and USDT.

If true, the collaboration might bring cryptocurrency buying and selling services to the payment giant’s three hundred and twenty five million users, which include freelancers, businesses, and retail customers. An official declaration is likely within the week.

As per crypto news outlet CoinDesk, citing sources close to the development, the New York-headquartered digital currency startup Paxos will serve as PayPal’s supplier. An official statement is anticipated in the upcoming days.

It is to be noted that Paxos permits businesses to enable the buying and selling of cryptocurrencies by means of API integration. The company deals with the technological back-end as well as regulatory compliance, leaving fintech partners to focus on end-user experience.

Nevertheless, PayPal hinted at its interest in the digital asset domain as early as March. Now, it seems to be taking the subsequent step, joining rivals Robinhood, Revolut, and Square in presenting virtual currency services.