The crypto scene is rumbling. Various sources report that the payment service provider PayPal is working on a complete integration of Bitcoin into the wallets of its users. There are indications.
According to Statista, the PayPal payment service has about 325 million active users worldwide. According to a report in the crypto magazine Coindesk, the service is now planning to offer its customers the purchase and sale of Bitcoin directly via PayPal.
Insiders foresee Bitcoin integration with PayPal
The crypto outlet claims to have received this information unanimously from two sources not named, which Coindesk, however, qualifies as insiders.
„My understanding is that direct purchases of cryptocurrencies are offered through PayPal and the mobile payment service Venmo,“
explains one of the sources, while the second even believes to know that PayPal wants to bring the Bitcoin integration within the next three months, possibly even faster.
To achieve this, the payment service provider could work with various trading platforms. Under discussion are Coinbase from California in the US and the Luxembourg based crypto exchange Bitstamp. PayPal has been working together with Coinbase for a long time. US Coinbase users can buy their Bitcoin with PayPal since 2018. Since 2019, Europeans can also do so.
So far Coinbase stores Bitcoin in its own wallet. According to Coinbase’s insider information, this will be changed in the course of the deal. PayPal could store Bitcoin directly in the user’s account. However, until this is possible, there are other options. You can find a detailed tutorial how to buy Bitcoin with PayPal on this site.
Job ads promote rumors
PayPal and also the crypto exchanges brought into conversation have not yet commented on the rumors. However, two PayPal job advertisements are seen as an indication that the insider reports may well be true.
The Payment company is looking for a senior crypto engineer and a blockchain expert. In a “newly formed team, they are to research emerging blockchain technologies and their possible application in PayPal”. Earlier this year, PayPal had already advertised eight similar positions for teams in San Jose, California and Singapore, according to information from Coindesk.
PayPal’s interest in BTC is understandable
The initiative follows an annual report in which PayPal had identified blockchain and cryptocurrencies as potential risk factors for its own business. Is PayPal now switching to attack to redirect the potential risks to new business opportunities?
In any case, the rumors have done Bitcoin good for the time being. After the price had hovered between $9,300 and $9,600 for around 10 days, BTC rose to $11,000 after the rumors were made public.