PayPal Payment System Will Add A Direct Exchange And Purchase Service For Cryptocurrencies

Cryptocurrencies are more often seen as a way to increase the number of users in fintech applications and create new sources of income. PayPal payment system and Venmo mobile payment service plan to deploy direct cryptocurrency exchange and purchase service for their customers, the number of which is 325 mln.

PayPal can now be used as an alternative to withdraw funds from exchanges such as Coinbase. If a new service is launched, it will be the first in terms of offering direct exchange and purchase service of cryptocurrencies. Coinbase and Bitstamp crypto exchanges are prospective partners.

Currently, PayPal and prospective partners have declined to comment on the plans. However, it is known that the fintech giant will allow exchange and purchase, as well as the storage of cryptocurrencies directly to PayPal and Venmo. It remains unclear exactly what cryptocurrencies and what quantity of them will be available for the new service. According to the source, the purchase and exchange of cryptocurrencies will be available in the next three months.

Image courtesy of TTR Coin