The report follows the July 15 announcement of Paxos’ launch of a crypto brokerage that enables other firms to integrate crypto trading functionalities. The service can be used through a simple application programming interface integration and also manages regulatory compliance. According to Coindesk, PayPal will use this new service to deliver its crypto trading features.
The entrance of PayPal into the digital currencies space would signal a major development for the cryptocurrency industry. The payments giant was previously a member of the Libra Association — the governing council for Facebook’s proposed stablecoin. However, following a wave of skepticism from the public and regulators alike, PayPal withdrew from the body in October 2019.