Sources say PayPal chooses Paxos to supply crypto for new service. PayPal, the fintech giant planning to bring crypto trading to its huge user base, has reportedly chosen Paxos to handle the new service’s supply of digital assets. This is according to two people familiar with the matter.
A formal PayPal partnership announcement could come as early as this week, one source said. The partnership would make PayPal one of the most prominent mainstream companies offering cryptocurrency purchases, joining publicly-traded payments provider Square and unicorn stock brokerage Robinhood.
The new Paxos exchange, an API-based system for making crypto services simple to carry out for businesses, provides the ability to buy, sell, hold and send cryptocurrency – while managing all aspects of regulatory compliance.
In a blog post published last week, Paxos CEO Charles Cascarilla said his firm’s new brokerage service could be a “tipping point” for cryptocurrency, suggesting more clients were on the way, “from fintech apps to banks to brokers to e-commerce brands.” It is not yet made known exactly which cryptocurriences Paypal intends to offer.
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