PayPal is rumored to be preparing to allow the buying and selling of cryptocurrencies through a digital wallet within its Venmo app. Like traditional cash, cryptocurrency is a type of digital or virtual money that can be bought and sold like any other currency. Unlike dollars, pounds and euros, it does not exist in the form of physical banknotes and coins. Information about the decision has yet to be confirmed, but the decision could be crucial in fostering mass adoption of cryptocurrency by consumers, as PayPal has around 325 million users.
Bitcoin boom
Rumors suggest that PayPal may allow the buying and selling of cryptocurrencies for the next three months, though the company has yet to comment on the reports. PayPal already allows users to withdraw funds from certain exchanges, including Coinbase, which it has been working with since 2018. But while it can accept Bitcoin payments, buying and selling by consumers hasn't been possible. Mobile payments rival Square has already reaped the rewards of Bitcoin purchases through its Cash app, which might explain why PayPal decided to reconsider its position now. The news comes as many financial companies are looking to adjust their business models following the global pandemic to stay afloat. Earlier this month, PayPal, along with competitors Stripe, Square and Worldpay, revealed that they are factoring in overtime before releasing funds to customers to guard against potential losses on purchases made before the pandemic. Via CoinDesk