From the financial tech corporations, the breaking news came out that PayPal may begin direct selling of bitcoin and other cryptocurrencies to their 300 million users globally with Venmo. This information was first quoted by Coindesk. This news is immediately being viral on social media.
As per the statistics, both Venmo and PayPal are trusted partners for online money transactions. They have more than 30 million users across the globe that facilitate each of their customers with legal transactions without leaking out their personal details.
The sources confirmed that Venmo and PayPal may apply this feature in the upcoming 3 months or shorter.
This collaboration will open a big gate of success for cryptocurrencies investors. The user can buy and sell bitcoin at one roof, it is told by Lan Allison at Coindesk. Moreover, they may set the in-built wallet, so the users can store it there.
With this, the user can buy and sell bitcoins directly from the third-party sources like Coinbase and Bitstamp, which would be safe. However, there is no clear information on how and which cryptocurrency would be available. The sources said that PayPal would be work with various cryptocurrencies to boost its liquidity.
On talking this note with PayPal, they refused to comment on this. Moreover, San- Fransico based cryptocurrency exchange company Coinbase and Luxembourg based company Bitstamp both denied passing comments. Hence, the aspects are not cleared, because no official announcement yet came out.
There will be no doubt to say PayPal has a strong relationship with Coinbase since 2016. It is noticed that in the year 2018 coinbase has prompted instant fiat withdrawals to PayPal for their U.S customers. Also in the last year, 2019 Coinbase made possible to get an instant withdraws to Canadian and European users.
In mid of 2018, cash app reported to earned $360 million bitcoin profit via selling crypto for money. Whereas the London based company Revolut has raised its $500 million revenue in the month of February this year.
Crypto has been rising day by day, and due to such impactful revenue, Paypal has also decided to get into crypto. The CEO Pay Pal has cleared his plan for this year to monetize with Venmo which has almost more than 50 million users.
In this year 2020, PayPal hired eight engineers, four from San Jose and four from Singapore.
In an interview of coindesk, the managing director of Paypal refused to say anything about his crypto plans. But he said, we wanted own perspective in Blockchain technology that can help us to grow more and serve to everyone with ease. We are the strong believer of blockchain and with the help of digital technology, we will surely make it the best.