PayPal to reportedly support cryptocurrency direct transactions

Online-payments giant PayPal Holdings is looking to explicitly unleash cryptocurrencies onto its client base that reportedly boasts over 320 million people.

According to a report by CoinDesk, three sources have confirmed to the crypto industry publication that PayPal and its affiliated platform Venmo will allow their users to “directly” buy and sell several cryptocurrencies, though which coins they will support are yet to be revealed.

“They are going to have some sort of a built-in wallet functionality so you can store it there,” one source said, adding that he expects the company “would be working with multiple exchanges to source liquidity.”

While PayPal declined to comment on the rumors, another source told CoinDesk that PayPal plans to roll out its crypto offering “in the next three months, maybe sooner.”

PayPal favors blockchain over cryptocurrencies

As the mainstream payment industry has woken to cryptocurrency its related industry, PayPal has finally been forced to take note. Until recently, PayPal’s stance on the entire ecosystem was that they are much more pro blockchain but not fully vested in the cryptocurrency side of things.

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Source: PayPal Reportedly to Support Cryptocurrency Direct Transactions