The giant of digital payments PayPalAccording to reports plans to simplify cryptocurrency trading through a new partnership with stablecoin operator Paxos.
Coindesk reported on July 20 PayPal plans to launch cryptocurrency trading through Paxos’ new brokerage service. At the time of going to print, it is unclear which crypto assets PayPal will support.
Cointelegraph contacted Paxos to seek opinions or comments, but received no response until the time of going to press.
The report follows Paxos’ announcement on July 15 that it will launch a crypto broker that other companies can use to integrate the functions of cryptocurrency trading.. The service can be used by simply integrating the application programming interface and also manages compliance. According to Coindesk, PayPal will use this new service to offer its cryptocurrency trading functions.
PayPal’s entry into the digital currency space would mean a significant development for the cryptocurrency industry.
The payment giant was previously a member of the Libra Association, the government council of the Facebook stablecoin proposal. However, After a wave of skepticism from the public and regulators, PayPal withdrew from the agency in October 2019.
This spring, A letter from PayPal to the European Commission emphasized that the company is continuing to develop its own cryptocurrency capabilities..