PayPal Plans of Rolling Out Sales of Cryptocurrencies
A big part of the world still sees cryptocurrency as an inauthentic currency. But the good news is that the popular platform PayPal is going to enter the cryptocurrency world.
Yes, we are talking about Paypal. Other online payment platforms are out there, those are already offering crypto sales. But now Paypal has also planned to start the sale and buy options of cryptos through its platform.
Paypal serves more than 100 countries of this world and has 26 currencies on its platform. If we talk about Paypal’s customer base then it is around 300 million.
And the other payment application that Paypal runs is Venmo. Venmo also has more than 52 million users. So the whole financial world sees Paypal’s decision as one of the major steps in cryptocurrencies.
But still, there are many things to know about PayPal's plan to roll updates of cryptocurrencies with its mobile app.
Sign That Paypal Will Start Crypto
Paypal has not yet announced anything on their site or any article. No press release and company circular are available from this fintech giant. Along with it, there is no official announcement on any social media platform. But still, many things say that Paypal is ready to enter the cryptocurrency world.
Paypal officials are not even disclosing it in any interview or media briefing. But here we will tell you a few indications that prove that Paypal is going to roll out updates in cryptos. So let's have a look at some of these indicators and check whether Paypal is serious about this step or not.
News Came Out After The Job Post
The other sign is that other companies are already making money through cryptos. Many other mobile payment applications have started crypto trading.
Let's have a look at the major competitors of Paypal, they are Revolut and Square. Both firms provide facilities for buying and selling cryptocurrencies in less time.
Revolut and Square started making money with cryptos and the world started assuming that Paypal would start the same.
More Revenue For Venmo
Paypal has good revenue generated with more than 300 million users. But when it comes to Paypal's mobile payment app called Venmo, then there are fewer users.
Venmo has around 50 million users in the world. And this financial technology company already looks forward to growing the revenue. So experts assume that Paypal will try to get more revenue for Venmo through its new offering.
Things Those Are Not Yet Clear
So you can see that there are many signs to show that Paypal is into cryptocurrency selling and buying through its platforms. In 2021, Paypal might also announce cryptocurrency selling and buying.
But still, many things are not clear about Paypal’s cryptocurrency offering. These things put the whole world in a doubt.
Venmo Will Be Also A Part?
Many fintech experts say that there is no clarity about Paypal’s decision. Venmo is a mobile payment system offered by Paypal. But nobody knows whether Venmo will be a part of cryptocurrency or not.
Some internal and top sources claim that Paypal is going to launch the cryptocurrency offering on its web-based platform. But Venmo will not be there in cryptocurrency-based selling and buying.
Which Cryptocurrencies Will Be Available?
There are many cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, more. But which currencies will be traded on Paypal? Still, there is no clarity about the list of cryptocurrencies Paypal will offer.
But, according to some experts, Bitcoin, Bitcoin Cash, and Ethereum will be a part of this update of Paypal. These currencies are the base of the whole cryptography world and blockchain technology.
Which Countries Will Have Access?
Paypal provides online financial services in more than 100 countries of the world. But it cannot offer cryptocurrency in the whole world. At the initial stage, a few countries will take part in the sale and buy of cryptos on Paypal platforms. The United States and the United Kingdom will be the first preference for Paypal.
Paypal’s Vision About Cryptocurrencies
If we have to conclude Paypal’s cryptocurrency selling decision, then what will it be? We have to consider Paypal’s vision of cryptocurrencies. Whether Paypal is positive about the cryptocurrencies or not.
We have seen that many top financial services, finance traders, and market leaders are not positive about cryptos. But what does Paypal think about the fiat currency? Let's find out.
Paypal Already Research On Blockchain
Most people think that Paypal is new to blockchain technology or it is confused about entering the cryptography world. But that is not true. Because there are many times when Paypal was associated with blockchain technologies. Paypal uses blockchain technologies and has research centers in Chennai, San Jose, and Singapore.
Paypal Officials Made It Clear
Paypal researches and thinks about cryptocurrencies from a positive perspective. Officials said that in many interviews that Paypal sees potential growth in cryptocurrencies.
The recent evidence is from Paypal’s chief technical officer Sri Shivananda’s interview. He told Coinbase in an interview that Paypal sees potential in cryptographic currencies.
Interest In Facebook’s Crypto Project
Recently a few years ago Paypal was working with Facebook’s crypto project. Facebook started this project and Paypal was a partner in that cryptocurrency-based project.
But, Paypal stepped back after a few months of partnership. But it is very clear that Paypal has an interest in the crypto market, and soon it will enter this world.
Paypal’s Relationship With Exchanges
Cryptocurrency exchange markets have a relationship with Paypal. If we see with more details then Paypal has a strong relationship with Coinbase and Bitstamp. Many fiat transactions from Coinbase to Paypal took place in the past.
Summary - Paypal Entering Crypto Market
Paypal hasn’t yet started any cryptocurrency-based platform. Also, it hasn’t yet announced anything for its customers. But when we see the whole indicators and Paypal’s interest in cryptocurrency. Then we can see a huge chance that Paypal can launch cryptocurrency services anytime.
So if you are a PayPal customer and looking forward to this decision by Paypal, then it is a must to know the news for you. We must wait for more news and prepare ourselves for this upcoming opportunity by Paypal.
For many existing customers, it will be a trustworthy platform to start looking for cryptos. As more competition is piling up on these fintech companies, we might see updates very soon
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