PayPal is rumoured to be gearing up to allow the buying and selling of cryptocurrency via a digital wallet inside its Venmo app.
Like traditional cash, cryptocurrency is a type of digital or virtual money that can be bought and sold just like any other currency. Unlike dollars, pounds and euros, it doesn’t exist as physical notes and coins.
Reports of the move have yet to be confirmed, but the decision could be crucial for encouraging mass consumer take-up of cryptocurrency, with PayPal boasting around 325 million users.
Rumours suggest that PayPal could allow buying and selling of cryptocurrency to happen within the next three months, although the company is yet to comment on the reports.
PayPal already allows users to withdraw funds from some exchanges, including Coinbase, which it has been working with since 2018. But while it can accept Bitcoin payments, consumer buying and selling hasn’t been possible.
Mobile payment rival Square has already been reaping rewards from Bitcoin purchases via its Cash App, which may be why PayPal has decided to reconsider its position now.
The news comes as many financial companies look to adjust their business models following the global pandemic in order to stay afloat. Earlier this month, PayPal, along with rival Stripe, Square and Worldpay all revealed they been factoring in extra time before passing on funds to customers in order safeguard themselves against potential losses from purchases made before the pandemic.