PayPal and Paxos Partner to Provide Cryptocurrency Transaction Services

PayPal, the electronic payment platform, is rumored to partner with the American cryptocurrency asset management platform Paxos to launch a cryptocurrency trading service, which will be announced as soon as this week. After PayPal withdrew from Facebook’s Libra committee last year, it did not stop its deployment in the cryptocurrency field. Earlier, it was also reported that companies related to different cryptocurrencies were seeking cooperation.

According to a source quoted by “CoinDesk” today, PayPal has chosen to cooperate with Paxos, and Paxos is responsible for handling the supply of cryptocurrency trading services. This move will make PayPal one of the most important companies in the mainstream world, providing related services. However, the two companies refused to respond to related rumors.

The market estimates that PayPal will provide mainstream cryptocurrency trading services, such as Bitcoin, Ethereum, and other currencies. In 2016, it has cooperated with a large cryptocurrency exchange Coinbase to allow exchange customers to sell cryptocurrencies. Withdraw legal currency through PayPal. Earlier, it was also reported in the market that Venmo, a mobile payment platform under PayPal, would have preset trading functions in the e-wallet.

Paxos was established in 2012 to provide cryptocurrency custody, asset digitization, and cryptocurrency trading services. Last week, the company also launched related brokerage services, allowing corporate users to buy, sell, and hold cryptocurrencies. The U.S. branch of Revolut, a British financial technology company, became Paxos’s first customer for this service.