This archive report was first published on 24 June 2020.
On June 24, 2020, PayPal announced plans to allow its 325 million users to buy and sell cryptocurrency directly through its platforms, including Venmo.
According to sources close to Coindesk, the company will need to launch a built-in wallet to store cryptocurrency and partner with multiple cryptocurrency exchanges to provide liquidity.
"My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo," Coindesk quoted a source.
PayPal's shares rallied by 1.2% following the announcement, while Bitcoin surged to $9,700.
Currently, the company allows its users to withdraw funds from cryptocurrency exchanges like Coinbase.
The move aligns with PayPal's Chief Technology Officer's earlier comment on creating an open digital payments platform, and offers an opportunity to monetize Venmo's 52 million accounts.
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