PayPal & Venmo planning on rolling out Cryptocurrency services: Report

Cyptocurrency

Online payments company PayPal Holdings Inc is reportedly planning to expand its business dealings in cryptocurrency services for its more than 300-million userbase. As per media reports, PayPal will also employ its digital wallet platform Venmo for facilitating buying and selling of cryptocurrency. However, details on the coins that PayPal’s interface will be supporting are yet to be known. 

Sources have told CoinDesk news portal that PayPal is working on a built-in wallet functionality to allow users to store digital currencies in there. Another source has stated that the company is looking forward to working with multiple exchanges to source liquidity. Furthermore, PayPal is working on launching the cryptocurrency offering within the next three months or sooner with a focus on expanding its collaboration with Coinbase. Headquartered in California, US, Coinbase has already been assisting it’s crypto customers in America, Canada, and Europe to withdraw their fiat balances to PayPal.

In addition, media reports have stated that PayPal is hiring blockchain and crypto experts, the job listings of which were posted on its website earlier this month. There’s a job listing for “Technical Lead – Crypto Engineer” and another one for “Blockchain Research Engineer” further hinting about the company’s plans on expanding its payments industry to digital currency transactions.

Last year, PayPal CFO John Rainey had said that there are teams working on blockchain and cryptocurrency, signaling that the company is looking forward to participating in digital currency in the near future.

“We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now for bitcoin,” John Rainey said. 

This development has come months after PayPal became the first company to withdraw support to Facebook’s Libra cryptocurrency initiative in October 2019 after the ambitious digital project was facing queries from global regulators.

As per recent data cumulated by Statista, PayPal’s venture Venmo posted a 48% year-on-year growth rate in the first quarter of 2020. With more than 40 million active accounts, Venmo recorded a net payment volume of $31 billion. PayPal, on the other hand, posted a 19% growth rate in the same quarter. As of now, PayPal is operating in more than 200 countries supporting over 100 currencies. With its global brand value, it will be able to secure Bitcoin and other cryptocurrencies.

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