Recently, the crypto and FinTech spheres were set humming with reports that PayPal and its mobile payment service Venmo could potentially be making an entrance into the digital cash sphere by offering its users the ability to buy and sell cryptocurrencies.
The imminent feature would allow users to buy Bitcoin and other digital coins directly from their online account by connecting to a 3rd-party exchange such as Binance or Coinbase.
Over the past few years, PayPal’s standpoint on the entire digital sphere was that they favored blockchain tech but were hesitant to delve into cryptocurrency fully.
In fact, the firm’s CEO, Dan Schulman, had earlier taken a swipe at BTC, claiming that there aren’t many retailers at all willing to accept cryptocurrencies.
However, not all of the company’s top management ranks were earlier opposed to crypto, with PayPal’s CFO John Rainey arguing last year that crypto and blockchain tech could be disruptive and the payments firm doesn’t want to miss out.
It now seems that as the mainstream payment sector warms up to crypto, PayPal has finally been forced to take note of the emerging market after initially joining, and later resigning from Facebook’s Libra project.
Big Win If PayPal Joins the Crypto Bandwagon
PayPal’s global customer base stands at well over 300 million active accounts, and the platform facilitates the receipt of money in over 100 currencies, as well as the withdrawal of funds in 56 currencies.
If cryptocurrencies are brought into the list of PayPal offerings, this could greatly dissolve cross-border remittance issues that are often a challenge in the global marketplace and allow PayPal to cash in of what has emerged as a profitable, alternative market to traditional banking.
The step to delve into crypto is not a surprise, according to the CEO of Shareitt Roel Wolfert, who remarked:
“PayPal has been working with crypto since 2014 when they started accepting Bitcoin. Throughout the years, they have learned and gained experience with crypto and blockchain technology.”
Despite the seemingly great news for the crypto community, it is still unclear which exchanges may be involved in the PayPal project.
Blockchain and Cryptocurrency Engineers Needed
Meanwhile, PayPal has been on the hunt for blockchain and crypto experts, hinting that the company is keen to explore this emerging space.
The company recently posted several job offerings, including a request for a technical lead/cryptocurrency engineer set to join a team in Chennai, India.