Will This Big Financial Company Enter Crypto?

by Marvin Dumont

PayPal and Venmo may enter the cryptocurrency space by allowing users to purchase and sell the nascent digital funds, three sources told CoinDesk this week.

Their entrance will significantly boost the industry’s market cap since PayPal alone has 325 million users. U.S. banks are currently flush with $2 trillion in cash from stimulus loans and consumer deposits due to the pandemic. Moreover, the government is considering another stimulus payment to Americans in July, some of which will be invested in cryptocurrencies.

PayPal was cofounded by Silicon Valley billionaire Peter Thiel who is bullish on Bitcoin and other digital coins. PayPal currently allows withdrawals from Coinbase which gives several currencies access to fiat liquidity.

According to one CoinDesk source:

My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there.

Another source expects the rollout “in the next three months, maybe sooner.”

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