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June 24, 2020 02:02 am

PayPal, Venmo To Roll Out Crypto Buying and Selling, Says Report

Fintech giant PayPal plans to roll out direct sales of cryptocurrency to its 325 million users, reports CoinDesk, citing people familiar with the matter. From the report: 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 buying and selling of crypto and said the service could be expected "in the next three months, maybe sooner." San Francisco-based crypto exchange Coinbase and Luxembourg-based Bitstamp were mentioned as likely contenders by the sources.

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