PayPal is looking to get into cryptocurrency, opening the door for its 365 million customers.
Cryptocurrency is one of the hottest trends in the tech and financial industries, with Bitcoin’s value soaring and companies of all sizes looking to cash in. Facebook’s Libra is one of the biggest efforts at widespread cryptocurrency adoption. PayPal had initially joined the Libra Association, before withdrawing last year to pursue its own goals.
It seems that PayPal’s efforts may be close to fruition. It was previously reported by the International Business Times that PayPal is planning on allowing users to buy and sell cryptocurrencies via PayPal and Venmo. Now the IBT is reporting that, in a letter to the European Commission, PayPal has confirmed “that in addition to monitoring cryptocurrency’s evolution, it is also developing cryptocurrency capabilities in its products. The company, however, did not specify what these initiatives are.”
PayPal’s involvement in the cryptocurrency space could be a big boon to the industry, especially if it is able to lower the barrier-to-entry for non-tech users.