Reports suggest PayPal is planning to introduce crypto trading via a partnership with US stablecoin operator Paxos. 

According to Coindesk, PayPal intends to introduce cryptocurrency trading through Paxos’ new brokerage service platform – which was announced earlier this month, and is designed to enable other firms to integrate crypto trading via a simple API. 

New York-based Paxos is a regulated digital assets custodian, and will be handling all regulatory and compliance aspects of the planned service. 

No details have yet been provided regarding the cryptocurrencies PayPal intends to offer. 

PayPal was a member of the Libra Association – the governing body for Facebook’s Libra stablecoin project – but left it in late 2019 along with other major firms, including Visa and Mastercard, after a backlash from politicians, regulators and some sections of the mainstream media. 

AYO.NEWS says:

Given PayPal’s sheer size and user base, its move into the crypto space could significantly fuel adoption and further cement crypto in the mainstream. As for Paxos’ new brokerage service and API, it will be interesting to see which other firms adopt it, but it could mean the likes of Robinhood, Revolut (also powered by Paxos), and Square are about to get a lot more competition. 

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