Fintech giant PayPal has reportedly been exploring ways to offer its customers stock trading services.
Anonymous sources stated that the American payment firm is looking for a broker-dealer company to buy or collaborate with. If PayPal introduces the new feature, it will be a direct rival to crypto-heavy platforms like Robinhood and CashApp.
Allegedly, the company has been discussing with important players of the industry to launch the new platform. But even if the plan goes through, it would take about eight months for PayPal to be approved as a brokerage firm.
After the rumors were spread, PayPal shares rose by 3.6%.
In October, the firm launched its crypto services in the United States for the first time. Last week it expanded them in Britain. British citizens who have verified PayPal accounts can use the service. But business ones aren’t supported yet. The four digital currencies that will be available to customers are bitcoin, ether, bitcoin cash, and litecoin.
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency.”Jose Fernandez da Ponte
In April, the firm also collaborated with Coinbase. The exchange users were finally able to purchase digital assets utilizing their bank accounts and debit cards that are connected to PayPal.
“If you have an existing PayPal account, you’ll be able to start making transactions on Coinbase right away. Plus, there’s no need to add bank accounts or card numbers directly to Coinbase — you can continue using PayPal to securely manage your information.”