For those who use PayPal, there is one more good news as this platform has also entered the segment of Virtual currency which is the Bitcoin System. PayPal is all set to get into the crypto trading platform through its partnership with Paxos. This is great news for cryptocurrency supporters as it will provide a good platform for them to trade Bitcoin and other currencies. Paxos is a stable coin operator, and it offers brokerage service. PayPal will now use this platform to push crypto trading. Hence it will gain some more users on its platform then the present user base.
Paxos launches crypto brokerage
With this move, Paxos will enable other entities to integrate the trading options for cryptocurrencies. The new service will be used by PayPal to provide crypto trading facilities for its users across the world which will facilitate many users. It will help both entities as PayPal will get to add new services for its growing customer base, and Paxos will also get the brand association of PayPal. In this way, it can boost the overall growth in the cryptocurrency market.
PayPal’s association with the digital currency market
PayPal is actively involved in the cryptocurrency market in recent months, and it has also hired various experts to develop cryptocurrency capabilities within the organization. It was initially not so keen on this platform as it can contradict its original business. But after seeing the huge demand in the digital currency segment, they have taken the plunge into this market. It was an earlier member of the Libra Association which was planning to introduce stablecoin through Facebook. However, it did not go down well with regulators, and PayPal had to step back from the association in 2019.
After this, PayPal has started to work on its own platform where it can provide cryptocurrency trading options, and this new partnership with Paxos will only be a big boost for this cause. This is good news for PayPal users as they will not get to use cryptocurrencies along with the regular payments, and this will be very useful for international transactions. There is no need to use the regular currencies when you can easily process various transactions at lesser fees. The charges for processing cryptocurrencies are far lesser than the regular currencies in most cases, and users will prefer Bitcoin and other currencies while dealing with international transactions.