Buzzes have it’s circulating online that PayPal and Venmo, renowned online person-to-person payments platforms, would soon adopt bitcoin and eventually probe into the cryptocurrencies business models.
As these companies have been quite against the shift due to the nature of its existing business frameworks, the news bites have really shocked many people.
Currently having 305 million subscribers, PayPal only allows Coinbase withdrawal and transfer of cash using crypto, but the incoming transaction will still be available using the app’s platform.
In various unconfirmed reports, there will be a major embrace of the cryptocurrencies of the said company.
Supporting this is a potential enabling of crypto wallets so digital data and assets are captured by them. This makes PayPal access an option to purchase from the platform. As well, it will be able to direct sales using blockchain technology. All this is framed within the next three months, other sources claim.
With this transfer, PayPal and Venmo would compete Cash App, whose parent is Jack Dorsey, the CEO of Twitter and Square. This competitor, who started doing Bitcoin buying in 2019 has been recently hailed as one of the most popular media to purchase Bitcoin alongside Coinbase.
With close to 400 million subscribers of PayPal who might be exposed to Digital currencies, it is expected that this will double once the crypto wallet has been introduced.
It would be remembered that 2014 was the year when PayPal inked partnerships with a few bitcoin payment processors, Coinbase included, and entered the crypto ecosystem.
This reported business move has been expected though by some fintech members to level up its competition with other players who are starting to adopt with blockchain technology in their platforms.
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