PayPal, Venmo to Roll Out Crypto Buying and Selling
According to a Coindesk industry source, fintech giant PayPal plans to roll out cryptocurrency buying and selling for PayPal and Venmo. The company also plans to build in wallet functionality for users to store their cryptocurrency in the app. A second Coindesk source said that the service could be expected within the next three months if not sooner.
Sources claimed PayPal will source liquidity from multiple exchanges, and Coinbase and Bitstamp were mentioned as likely contenders by the sources. PayPal has a relationship with Coinbase going back to 2016.
Why it matters:
- This immediately broadens crypto’s potential investor base by an order of magnitude. PayPal has more than 300 million users worldwide. Venmo is the largest consumer finance application in the United States with over 50 million users.
- As Paul Tudor Jones stated in his May letter "Bull markets are built on an ever-expanding universe of buyers.”
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