Breaking: PayPal and Venmo to Allow Buying and Selling Cryptocurrency

News
Mon, 06/22/2020 - 17:19
Alex Dovbnya
PayPal and Venmo plan to let their customers buy and sell cryptocurrency
Cover image via stock.adobe.com

Mainstream payment services PayPal and Venmo are about to allow buying and selling digital assets, according to a recent CoinDesk report

An industry source told the outlet that they would introduce a build-in wallet feature for storing crypto. 

They are going to have some sort of a built-in wallet functionality so you can store it there.

However, the article notes that it not clear what specific cryptocurrencies PayPal and Venmo plan to offer to their customers. 

It is worth noting that PayPal CEO Dan Schulman revealed that Bitcoin was the only crypto he owned back in November.         

Another source states that the crypto-focused service could be rolled out as soon as in Q3.   

With 365 million users combined, PayPal and Venmo venturing into crypto would give a huge jolt to mainstream adoption.    

Related
PayPal Files Patent to Make Cryptocurrency Transactions Nearly Instant, Has Competition

Square's Cash App, a major rival of the two companies, allowed all of its users to instantly buy and sell cryptocurrencies back in January 2018 after testing the waters for about four months. 

As reported by U.Today, Cash App's profits from selling Bitcoin surpassed those generated from fiat services for the first time in Q1.

Twitter and Square CEO Jack Dorsey continues to max out the app's weekly purchasing limit of $10,000.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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