PayPal is rumored to be looking at the possibility of creating a stock-trading platform in a bid to challenge rivals.
PayPal is already one of the leading payment services companies, and has recently entered the cryptocurrency market. According to CNBC, the company is now looking at creating a stock-trading platform.
Such a move would help PayPal better compete with Robinhood and similar platforms, ones that already offer both stock and crypto trading options.
According to CNBC’s sources, PayPal may purchase or partner with an existing trading company. Either way, sources warned the company’s product will likely not be market-ready this year.
PayPal’s stock jumped 3% on the news, while Robinhood lost 3%.