Fintech company PayPal is going to direct allow the sale of cryptocurrency to its 325 million users, according to coindesk.
The company had initially started by announcing job openings to ramp up its new Blockchain Research Group in early 2020.
Currently, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase, but this would be a first in terms of offering direct sales of crypto.
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there.”
It is unclear which or how many cryptocurrencies would be available. The industry source said they expected PayPal “would be working with multiple exchanges to source liquidity.”
A second source confirmed that PayPal is looking to offer the buying and selling of crypto and said the service could be expected “in the next three months, maybe sooner.”
Paypal is yet to communicate if it will formally throw its hat into the cryptocurrency ring.