PayPal and Venmo to roll out crypto buying and selling. PayPal can currently be used as an alternative means to withdraw funds from exchanges such as Coinbase, but that would be a first in terms of offering direct crypto sales.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source mentioned. “They are going to have some sort of a built-in wallet functionality so you can store it there.”
It is unclear which or how many cryptocurrencies would be available. The industry source said they expected PayPal “would be working with multiple exchanges to source liquidity.”
A second source confirmed that PayPal is looking to offer buying and selling of crypto and said the service could be expected “in the next three months, maybe sooner.”
San Francisco-based crypto exchange Coinbase and Luxembourg-based Bitstamp were mentioned as likely contenders by the sources.
PayPal has a long-standing relationship with Coinbase, going back as early as 2016, it should be noted. In 2018 Coinbase made available to U.S. customers instantly fiat withdrawals to PayPal. European Coinbase customers had been able to withdraw to their PayPal accounts last year, followed by customers in Canada.
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