Back in 2019, PayPal posted several jobs with the description related to blockchain technology. However, the report floated recently, stating that the global fintech giant plans to initiate direct sales of cryptocurrency on its platform. 

PayPal boasts around 325 million users and as per people familiar with the matter, PayPal and Venmo are planning for the direct sales of cryptocurrency. For those who don't know, Venmo is a mobile payment service owned by PayPal. Moreover, the report from Coindesk notes that the platform might also release ‘a built-in wallet functionality’, to enable users to store crypto on the platform. The source revealed that; 

My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. 

While PayPal is currently being used as an alternative payment method to withdraw funds from trading platforms, direct crypto sales option on the platform could be a big deal for its 325 million users. Interestingly, sources also added that in the next three months or maybe sooner, the fintech platform is eyeing to roll buying and selling of cryptocurrency. In addition, it was also stated that the platform "would be working with multiple exchanges to source liquidity".

Among several crypto exchanges, Coinbase has had a notable relationship with PayPal since early 2016. As per sources, Coinbase and Bitstamp crypto exchanges could be ‘contenders’. 

It’s no secret that PayPal’s high transactional fees, frozen accounts, and delayed payments have turned out as the biggest move for people to use decentralized global financial cryptographic networks. Consequently, bitcoin and cryptocurrency, in general, have now become the darling payment means for people across the world. 

PayPal’s involvement in blockchain tech and Facebook’s Novi (formerly Libra) was remarkable. However, neither PayPal nor exchanges announced anything officially yet.

Without commenting on any specific service, PayPal Chief Technology Officer Sri Shivananda said

“We are a strong believer in the potential of blockchain. The digitization of currency is only a matter of when not if,”

What’s your take on PayPal’s possible move to offer to buy and to sell functionality on its platform?