Paypal and Venmo to offer direct buy and sell of cryptocurrencies from their platform according to a source.
Paypal, founded in 1998 is one of the biggest worldwide online payment system with a customer base of 325 millions users. Whereas Venmo is a mobile payment service just like paytm here in India, and is owned by Paypal.
According to Coindesk and its sources, Paypal and Venmo is planning offer direct sales of cryptocurrency to its users. Its unknown which or how many cryptocurrency will be available on the platform. Paypal & Venmo may also provide inbuild crypto wallet facility for their users , so they can store their crypto funds on their platform itself. Paypal may also partner and work with other crypto exchanges to provide liquidity on their platform. According to the sources this service may be available in next 3 months or sooner.
The industry source told Coinbase
My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there. PayPal would be working with multiple exchanges to source liquidity.
Another source told Coinbase
PayPal is looking to offer buying and selling of crypto and said the service could be expected in the next three months, maybe sooner.
Also Paypal continues its hiring in blockchain and crypto field amid this news. Currently Paypal is hiring for “Technical Lead – Crypto Engineer” in Chennai. The job description says “The Chennai based Crypto Engineering Team is responsible for new initiatives for PayPal global with focus on agility, time to market and innovation. The role include design, develop and maintain key crypto product/features targeted towards availability, performance and scalability of PayPal services. The role expects high standard of engineering excellence with practical experience in building and maintaining internet-scale applications and services. We are looking for person who is passionate about security and thrive in dynamic and high pressure environment and is expert in Cloud Security and Crypto domain.”