PayPal Paxos partnership to offer crypto purchases

PayPal Paxos partnership to offer crypto purchases

The PayPal Paxos collaboration is set to launch PayPal into the crypto realm. The financial giant with a vast global client base is set to introduce crypto services and has partnered with Paxos for virtual assets supply solutions.

The collaboration is big news for New York-based Paxos. Just a few days ago, Pasox Crypto Brokerage was launched much to delight its users. The first client was none other than Revolut US, a United Kingdom-based fintech company providing Bitcoin trading services. An official announcement regarding the PayPal Paxos partnership would be made public soon, as per sources.

PayPal finally set to enter crypto

The soon to be announced PayPal Paxos partnership represents a prominent collaboration in today’s times when the crypto market is in a muted phase. Both companies would strive to make PayPal a significant mainstream entity offering crypto purchases. With this endeavor, PayPal would join the likes of Robinhood and Square.

Details are scarce about the PayPal Paxos collaboration. There is no clarity about which cryptocurrency would be on offer. Both the companies are tight-lipped about the development. However, news reports have been doing the rounds that the Venmo subsidiary has joined hands with PayPal and is bringing cryptocurrency purchases to financial giant’s 325 million consumers.

PayPal Paxos partnership to expand crypto influence

Paxos is regulated as per the New York City trust charter and offers genuine custodian services to institutional clients. PayPal has been neutral about the crypto industry in the past. It withdrew from Facebook Libra and has been muted about further involvement in the crypto sphere. However, its crypto wings have now started to flap. It realizes that digital assets are now gaining mainstream popularity, and their use-cases are rising rapidly.

Charles Cascarilla, chief executive officer of Paxos, said in his blog that the new Paxos brokerage service would prove to be a high point in the cryptocurrency timeline. He suggests that more people are looking toward cryptocurrency as a way to expand into the fintech industry.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Hong Kong classes exchanges under a new framework
Ethereum price analysis: ETH consolidates around $1,266.74 as bulls strive to push prices higher
ApeCoin Price Prediction 2023-2031: A strong buy sentiment for APE?
Litecoin price analysis: LTC faces a bearish pullback after hitting $77.18 resistance
District0x Price Prediction 2023-2031: What Drives the DNT Price?

Follow Us

Industry News

Hong Kong classes exchanges under a new framework
Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th
Celsius ordered to return $50M to crypto investors
Luxembourg expands PayPal operations to cryptocurrencies

Add Your Heading Text Here