June 25, 2024

Media: PayPal and Venmo add cryptocurrency support

06/22/2020

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Media: PayPal and Venmo add cryptocurrency support

Media: PayPal and Venmo add cryptocurrency support

Payment system PayPal andits Venmo mobile payment service will provide users with the option of buying / selling cryptocurrencies within three months, CoinDesk reports with reference to informed sources.

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One of the interlocutors of the publication indicated thatbuilt-in functionality allows you to buy, sell and store cryptocurrencies. He expects PayPal to provide liquidity through collaboration with bitcoin exchanges.

Potential partners may beCoinbase and Bitstamp. Users of the first in the US and EU can withdraw funds to their PayPal account. Coinbase and PayPal were also part of the Libra Association until the payment system left its membership. Then the company's management emphasized that it would be better to direct resources to its own developments in order to make finances more accessible.

Another interlocutor expects to launch in the next three months, although it is unclear how many cryptocurrencies will support the services.

Recall that in January 2018, the head of PayPal, Dan Shulman, said that bitcoin is not an effective way of transferring value. Then he praised the blockchain technology.

In May 2019, PayPal CFO John Rainey confirmed that the company was exploring blockchain and cryptocurrencies, but believed that it was too early for Bitcoin.

In March of this year, CTO PayPal Sri Sivananda emphasized that for the success of cryptocurrencies, people must clearly understand their advantages. The client, he said, will be followed by business.