Leading digital payments giant PayPal reportedly plans to facilitate crypto based trading via its new collaboration with stablecoin operator Paxos.
In line with a recent official report on 20th July, PayPal plans to introduce cryptocurrency trading via Paxos’ new brokerage service. As of press time, it’s unclear which crypto assets are going to be supported by PayPal.
However an official report by Paxos has not been yet been revealed.
The report follows the 15th July announcement of Paxos’ launch of a crypto brokerage that permits other firms to integrate crypto trading functionalities. The service are often used via an easy application programming interface integration and also manages regulatory compliance. PayPal will use this new service to deliver its crypto trading features.
The entrance of PayPal into the cryptocurrencies space would signal a serious development within the cryptocurrency industry.
The payments giant was previously a member of the Libra Association — the governing council for Facebook’ proposed stablecoin. However, following a wave of skepticism from the general public and regulators alike, PayPal withdrew from the body in October last year.
This spring, a PayPal letter to the European Commission heavily suggested that the firm was still performing on developing its own cryptocurrency capabilities.