Everyone has heard of PayPal at least once. The electronic payment service in fiat money founded and sold by Elon Musk. So far, PayPal’s largest involvement in the crypto world has been a brief membership to the Libra Association. However, now sources close to the company comment that PayPal may soon accept Bitcoin on its platform.
PayPal and the crypto world
Due to the nature of its business model, PayPal is a company of importance to the crypto world. Well, the American company has the goal of allowing electronic payments in fiat money through its platform. Opening the doors to international money transfers, in exchange for a commission.
This goal is closely related to the vision of cryptocurrencies like Bitcoin or Ripple. Which aim to end the difficulties in sending money across borders, thanks to the help of Blockchain technology.
Thus, although Paypal relies on fiat money, while Bitcoin and other crypto assets try to become its replacement. At the end of the day, the purpose of both continues to be to democratize international finance. Allowing anyone to send money to any country in the world, without having to go through cumbersome red tape.
This would be the reason for PayPal’s brief approach to the crypto world. Company that was part of the initial group of world-class companies that participated in the Libra Association. The Facebook-led organization, whose goal was to serve as the governance body for Facebook’s new virtual currency, Libra.
However, faced with the difficulties encountered by Libra along the way. And in an attempt to avoid a direct confrontation with the governments of the world. PayPal was one of the first companies to abandon the Libra Association, in what appeared to be a definitive withdrawal from the crypto world.
A new opportunity with Bitcoin
But now, the electronic payments company seems to be ready to re-enter the crypto market. Well, as a source close to the company stated to CoinDesk. It would be considering incorporating the possibility of buying and selling Bitcoin directly on the PayPal platform. As well as in the other electronic payments application owned by PayPal, known as Venmo.
“I understand that they will allow the purchase and sale of cryptocurrencies directly from PayPal and Venmo (…) They will have some kind of built-in wallet functionality so you can save them there” The source commented, being later confirmed by a second person close to the industry, who said that this new function could be expected for the next three months.
To obtain the cryptocurrencies to be offered on the platform, it is said that PayPal will resort to various cryptocurrency exchanges. Including the American exchange Coinbase, a company with which PayPal would have a good relationship, as well as Bitstamp.
Despite the fact that so far there are no official comments from PayPal, on whether it could soon accept Bitcoin on its platform. This seems quite possible when analyzing the record of the American company. As well as the current situation of the crypto market. What makes this our Today’s Data here at CryptoTrend.