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.