June 22, 2024

Media: PayPal and Venmo will launch the cryptocurrency purchase function

Payment company PayPal and its mobile payment service Venmo plan toprovide its 325 millionusers the ability to directly purchase cryptocurrencies.

This was reported by CoinDesk citingsources familiar with the situation. The publication notes that at the moment, PayPal can be used to withdraw funds from some cryptocurrency sites, but the service has never been used to purchase cryptocurrencies before.

“I understand that PayPal and Venmo will providethe possibility of direct purchase of cryptocurrencies. To do this, they will launch a functional similarity of cryptocurrency wallets on their platforms, so that users can store their cryptocurrencies, ”one source said.

According to another source, the possibility of buyingcryptocurrencies will appear on the PayPal and Venmo platforms already “within three months”. It is not yet known which digital assets will be available for purchase, however PayPal works with several cryptocurrency exchanges to provide liquidity for the purchase of coins.

Note that PayPal has been cooperating for quite some time.with the Coinbase exchange. Back in 2018, users of the exchange from America got the opportunity to instantly withdraw funds to PayPal accounts. Last year, a similar feature was added for Coinbase users from Europe and Canada.

In March, PayPal announced its search for a director of anti-money laundering (AML) and blockchain strategy. The position was opened in the New York office.