FinTech giant Paypal plans to offer crypto trading as part of its services with the help of stablecoin firm Paxos.
On Monday, July 20, Coindesk reported that Paypal has plans of launching crypto trading services onto its platform. The FinTech giant partnered with Paxos for the delivery. This is coming just one week after Paxos launched its crypto brokerage service. Aptly called Paxos Crypto Brokerage, the new service has an easy-to-integrate plugin that FinTech firms can use to trade crypto.
The new service will take care of regulatory requirements on behalf of clients. As at press time, neither Paypal nor Paxos has stated which crypto assets will be traded on Paypal.
According to data from Statista, Paypal has about 325 million active users worldwide as at Q1 2020. By offering crypto to its users, Paypal will be significantly expanding the crypto industry. As at press time, the crypto industry is worth over $272 billion by market cap.
Last year, Paypal was a member of Facebook’s Libra Association. However, in October 2019, the FinTech giant withdrew from participation following regulatory scrutiny.
In March 2020, Paypal suggested to the European Commission that it was “assessing the need for a European framework for crypto assets.” The FinTech said it was still “monitoring the evolution of the crypto-asset space.”
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