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Payment giant Paypal is said to be on the verge of offering cryptocurrency-related services to its 305 million users. The increasing competition has forced the American company to reconsider its attitude towards digital currencies.
A new major step
The company Paypal is known to everyone, and for good reason, it operates in 200 countries and allows citizens of the world to receive and issue payments using 100 different currencies. After having bought the Venmo nugget in 2013, Paypal has started a race for diversification and now counts among its customers a young audience that is adept at new payment solutions.
According to rumors relayed by Coindesk, Paypal is on the verge of formalizing a partnership with the European platform Bitstamp and consolidating its collaboration with Coinbase, in order to ensure wide access to liquidity.
"Our current understanding is that they will authorize the purchase and sale of cryptocurrencies via Paypal and Venmo. They will have some sort of integrated wallet that will allow their customers to deposit their cryptos. ”
According to Coindesk, the service would be launched “within the next three months, or even before.”
Bill's needs were right Bill
The news amazed a large part of the community, especially since the position of Paypal CEO Bill Harris was quite mixed ... Here is what he said on April 24, 2018
“Bitcoin is the biggest scam in history. It’s a colossal Ponzi scheme, never seen before. ”
Even though there is no talk of integrating Bitcoin or a specific cryptocurrency yet, market needs have got the better of Bill's wishes.
Time is running out for Paypal. Even comfortably installed in the world of online payments, the company has seen an influx of newcomers more than bulky. Square and its Cashapp app have already accumulated 308 million revenues thanks to the resale of Bitcoin.
Revolut and Robinhood have also decided to adopt a pro-crypto attitude by offering services linked to digital assets from 2017 and 2018.
Even if this information is nothing more than a rumor, it seems hard to imagine Paypal not following an obvious trend. In addition, the takeover of Venmo forces the giant to adapt to a young clientele, giving credibility to digital assets.
As Paul Tudor Jones said, "Bull markets are made possible by an ever-expanding universe of buyers." If the formula was intended to be fair, Paypal offers us the opportunity to dream.
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