Fintech giant PayPal will reportedly launch direct sales of cryptocurrency to its over 325 million users.
This report was made known by inside sources, hinting that the company will soon allow buys and sells of crypto directly from PayPal and Venmo. According to the first source, the new service will function through a built-in wallet which will also offer storage features for users.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” said one of three unnamed sources.
The report notes that at his time, the company is making moves to partner with multiple exchanges to source liquidity.
A second insider disclosed that the service should be expected to roll out “in the next three (3) months, maybe sooner”. However, when contacted on the matter, PayPal declined to comment.
In a linked move, PayPal is hiring two crypto and blockchain experts as posted in an official listing.
The first role is labelled “Technical Lead – Crypto Engineer“. The job description details that this person will be responsible for “new initiatives for PayPal global with a focus on agility, time-to-market and innovation. The role includes designing, developing and maintaining key crypto products/features targeted towards availability, performance and scalability of PayPal services.”
The second listing is a position for a “Blockchain Research Engineer“. It reads “…to work within the company’s research group, a newly formed group within the Strategic Technology Enablement team chartered with establishing expertise and opinions on emerging blockchain technologies and their potential uses within PayPal.”
Requirements for both jobs include skills common to Bitcoin development like experience with C++, asymmetric cryptography and cryptographic libraries.
Both listings which remain live on the PayPal website, give further credibility to the rumours that the payment giant could be offering cryptocurrency services soon.
PayPal seems to maintain a sit-on-the fence approach with regards to cryptocurrency. Despite partnership with three American crypto platforms including Coinbase, the company has one foot in the industry and another out.
The payments firm is known to disenfranchise users at will, with restrictions and little or no explanations for withholding funds or shutting down accounts.
A very good example is the case of Nigeria. Having a PayPal account in Nigeria is a risk; with many Nigerians citing cases where their freelance funds are held up and irretrievable. Thanks to Bitcoin (BTC) payment and processing is now as fast as the speed of light.
On a global scale, Nigeria isn’t the only country experiencing these issues. PayPal recently turned off its service for Porn hub models prompting workers and customers to now opt for cryptocurrency payments including Bitcoin and Tether USDT.
Will PayPal strengthen Bitcoin adoption? Or will it offer a centralized/restricted cryptocurrency service? Share your thoughts in the comments.