Online payment giant PayPal has partnered with the crypto firm to launch a cryptocurrency service, CoinDesk has reported citing two people familiar with the matter.
According to the news outlet, the partnership could be announced already this week. As a result of the agreement closed with Paxos, PayPal has become one of the main fintech companies to add support for cryptocurrencies.
It is still unknown which cryptos will be compatible with PayPal's new service.
The Paxos Crypto Brokerage service was rolled out last week and its first customer is Revolut US. iHodl reported just a few days ago Revolut had partnered with Paxos to launch a crypto trading service in the US. As part of the agreement, Revolut will use Paxos Crypto Brokerage, a new product offering that allows companies to integrate crypto buying, holding and selling capabilities into their own applications.
The news has not surprised anyone, as just a few days ago PayPal revealed in a letter sent to the European Commission it is working on the development of crypto capabilities and that it advocates creating a crypto framework at the EU level.
The fact that PayPal has decided to roll out a cryptocurrency service can be very positive for the industry, as the company's more than 300 million user base could drive crypto adoption.
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