PayPal Launches Cryptocurrency Support for 325 Million Users

Payments company PayPal plans to add cryptocurrency support for its 325 million users. AboutCoindesk reports this, citing its sources.

“As I understand it, they will allow purchases and sales of cryptocurrencies directly in PayPal and Venmo”, Said a CoinDesk source.

“They will add cryptocurrency wallet functionality.”

It is unclear which cryptocurrencies plans to addcompany. According to the source, PayPal “will work with several exchanges to obtain liquidity”; Coinbase and Bitstamp are mentioned as the most likely candidates.

A second source said the company could provide the service “in the next three months, perhaps sooner.”

PayPal, Coinbase and Bitstamp declined to comment.

PayPal has been working with Coinbase since 2016. In 2018, Coinbase provided PayPal customers with the ability to instantly withdraw funds through PayPal.

Previously PayPal CEO DanShulman has said he plans to monetize mobile payment service Venmo this year. In an interview with Fortune, Shulman said that PayPal withdrew from Facebook's Libra stablecoin project in order to direct resources to the development of its own initiatives.

Last May, PayPal CFOJohn Rainey stated that the company has several teams that work on blockchain and cryptocurrency, and that they want to participate in the development of this technology in any form.

PayPal posted two iconic jobs

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Financial technology market analysts drewattention that PayPal has unveiled two vacancies. They indicate that the organization shows a great interest in technologies related to cryptocurrencies.

So, the first vacancy is search-orientedspecialist - senior technical expert (crypto engineer). The posted position description states that the candidate will be responsible for “new initiatives for global PayPal with a focus on lean operating principles and innovation. The role of the employee will include the creation, development and support of key crypto products/special capabilities, focused on maintaining and developing the PayPal service qualities of accessibility, efficiency and ability to be quickly executed.”

The second vacancy is search-orienteda technical specialist who focuses on blockchain research. This employee will work within the corporate research group, which is “a new structural unit within the team of specialists in the implementation of strategically important technologies.” This team already has “knowledge, skills and insight into how emerging blockchain technology and potential uses can be applied within PayPal.”

It is worth noting that in the recently presentedIn a Securities and Exchange Commission (SEC) Form 10-k filing, PayPal Corp. said it sees fast-growing innovations such as blockchain and virtual currencies as potential risks that could negatively impact the company.

Thus, the question remains open: PayPal intends to dive into the topic of blockchain and cryptocurrencies (in particular, bitcoin) in order to understand what are the weaknesses of these innovations and develop an action strategy that will not include the use of these technologies?

Or is it possible that PayPal will follow the pathits ex-chief David Marcus? He, within Facebook, is currently developing the Libra stablecoin project. That is, it takes the best of what blockchain and cryptocurrencies have brought to the world in order to develop a global cryptocurrency project.

There are no answers to these questions yet&#8230;

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