PayPal plans to partner with Paxos

Rumor has it that PayPal plans to partner with cryptographic brokerage firm Paxos, and a partnership between the two companies would both bring great benefits and boost the industry. Offering direct purchases of Bitcoin and other cryptocurrencies. A formal announcement of its partnership is likely to be made later this week. According to news from news portal Coindesk, payments giant PayPal is preparing to partner with Paxos. The two entities could work together to transact with Bitcoin or other cryptocurrencies on PayPal. The service is available through the recently launched Paxos cryptobroker.

The rumor comes just a week after Paxos Trust launched its crypto brokerage service, Paxos Crypto Brokerage. The product enables companies to integrate the buying and selling of crypto and storage functions into their applications. According to Paxos, it is an API-based solution that is easy to use and also takes regulatory aspects into account.

Buy Bitcoin on PayPal directly?

Coindesk’s sources indicate that PayPal and Paxos may announce their agreement sometime this week. If confirmed, PayPal will become one of the largest mainstream companies adapting crypto trading.

Although Coindesk sources do not reveal what cryptocurrencies PayPal might offer if the partnership is confirmed, it is very likely that at least Bitcoin will be offered. However, there is no certainty. Most recently, in a letter to the European Commission, the payment giant acknowledged Bitcoin’s growth and declared an interest in cryptocurrencies because they facilitate and improve existing financial services and payment processing.

Currently, PayPal has an estimated 325 million users worldwide and thus the Paxos brokerage service could bring new capital into the crypto market and have a positive short-term impact. Paxos CEO and co-founder Charles Cascarilla recently said the growing adoption of cryptocurrencies by companies and institutions is the beginning of a revolution:

As reported by CNF, rumors that PayPal will introduce a trading service with Bitcoin have been circulating since the second half of June. At that time, another source said the payment giant would offer direct purchases of Bitcoin and other cryptocurrencies through its subsidiary Venmo.

The digital asset revolution has started and more and more companies (…) see it coming. With Paxos Crypto Brokerage, companies can leverage our expertise and regulatory compliance to easily and securely integrate crypto into their applications. We’re proud to offer financial market infrastructure that supports an open, digital financial future.

Author : Reynaldo