PayPal Partnered With Paxos To Launch Its Own Crypto Services
PayPal, one of the most significant payments giant, has subsequently teamed up with Paxos Crypto Brokerage firm to launch its own crypto service, the New York Times reported Tuesday.
The Wall Street Journal reported on Tuesday, citing two people familiar with the matter. According to the crypto reporting firm, one of the sources said the partnership could be announced as early as this week and the other in the next few days.
Crypto-broker Paxos will soon launch its bitcoin exchange service in the next few weeks, according to a source close to the company, API based brokerage service enables fintech companies to integrate crypto buying, selling, trading, and shipping capabilities into their applications. Paxos handles all regulatory, technological, and liquidity aspects, while fintech firms handle the front-end experience.
Although Paypal’s crypto plans were only revealed last month, still, the company told the European Commission in a March letter that it had developed crypto capabilities and built an EU-level framework for crypto assets. According to the company, Paypal’s launch of a crypto service would be massive for the giant, which has more than 300 million users.
Other major fintech companies that already offer crypto services include PayPal, BitPay, Coinbase, and other major financial services providers. By contrast, the nascent market has yet to reach the same level of success as its more traditional counterparts, such as Bitcoin and Ethereum.
Paxos chief executive Charles Cascarilla recently said the company’s brokerage service could be a significant turning point for the introduction of crypto. Last week, Cascarilla Block said Paxos was willing to expand its internal exchange itBit to meet new customers’ demands.
