In a massive partnership for stablecoin operator Paxos, it has been revealed that PayPal could be facilitating cryptocurrency trading using their platform.
It was reported by Coindesk early this morning that the payment giant PayPal will be utilising Paxos’ brokerage system for the trading product, but there is no word as yet to which cryptoassets will be available.
This is a swift development for Paxos, who only announced last week that they will be launching a white labeled trading integration system for external clients – it was unexpected that such a behemoth as PayPal would be one of those. The service is used with a simple API integration and also offers the ability for companies to comply with necessary regulations.
As has been been widely reported, the offering of crypto trading to PayPal clients would be a sensational boon for the industry.
It is no secret that PayPal have a keen interest in integrating cryptocurrency functionality, after being initially involved with Facebook’s Libra Association (but since withdrew in October 2019), as well as suggesting their development of cryptoasset capabilities of their own in a letter to the European Commission.
Global Crypto will report further as and when more information becomes available.