PayPal partners with Paxos, the United States Stablecoin operator in order to introduce crypto trading services, as we are reading in our latest crypto news.
The digital payments giant Paypal plans to facilitate crypto trading through a new partnership with the stablecoin operator Paxos. PayPal partners with the US-based stablecoin operator to introduce crypto trading services via the brokerage services of Paxos but it is unclear which crypto assets will be supported. The report follows the latest announcement of Paxo’s launch of a crypto brokerage that enables other companies to integrate crypto trading functionalities as the service can be used through a simple application programming interface integration by managing regulatory compliance.
PayPal will also use this new service to deliver crypto trading features. The entrance of PayPal into the crypto space will spark a major development for the crypto industry. The payments giant was a member of the Libra Association previously and the governing council for Facebook’s Libra stablecoin. However, after the wave of skepticism from the public and regulators, PayPal withdrew from the council in 2019. PayPal sent a letter to the European Commission that suggested the company was still working on developing its own crypto capabilities.
The news of PayPal entering crypto and joining this industry could mean nothing but acceleration for the most dominant coin. As previously reported, with around 325 million active accounts worldwide, PayPal entering crypto could mean great news for the industry. The company even hired crypto and blockchain specialists which hints on more news and updates coming from the firm. Also, it means that the potential arrival of cryptocurrency on PayPal could be more than just a wild guess.
In the official PayPal letter, the global payments company admits to “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” and further stressed that it favors a “harmonized” environment with a regulatory approach that would not compromise innovation. PayPal also addressed its relationship with cryptocurrencies and noted that in 2019, it joined the Libra Association in order to learn “more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe,” but later dropped out because it started working on its own solutions in the space.
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