PayPal plans to add cryptocurrency support for 325 million of its users. It is reported by Coindesk, citing its sources.
“As far as I understand, they will allow purchases and sales of cryptocurrencies directly in PayPal and Venmo,” a CoinDesk source said. “They will add cryptocurrency wallet functionality.”
It is unclear which cryptocurrencies the company plans to add. According to the source, PayPal “will work with several exchanges to obtain liquidity.” Coinbase and Bitstamp are mentioned as the most likely candidates.
A second source said the company could provide the service "in the next three months, perhaps sooner."
PayPal has been working with Coinbase since 2016. In 2018, Coinbase provided PayPal customers with the ability to instantly withdraw funds through PayPal.
Earlier PayPal CEO Dan Shulman said that he plans to monetize Venmo's mobile payment service this year. Schulman said that PayPal withdrew from Facebook’s stablecoin Libra project to channel resources toward developing its initiatives. He also admitted that he stores bitcoins. Last May, PayPal CFO John Rainey said that the company has several teams that work on blockchain and cryptocurrency and that they want to participate in the development of this technology in any form.