PayPal and Venmo with the sale of Bitcoin and their own crypto wallet
“If you can’t defeat them, join them,” they say. This is exactly what Venmo and parent company PayPal may do, according to sources familiar with the matter.According to a “well-informed industry source” PayPal and Venmo will accept cryptocurrencies on a large scale.The company’s stance on the young cryptocurrencies has been quite negative for a very long time, which is probably also because these technologies are a direct competitor to PayPal’s business model. PayPal users reported that the company regularly blocks and does not execute crypto-related transactions. Curiously, however, the platform allows users to withdraw funds from certain crypto exchanges to their PayPal accounts.Coinbase offers PayPal as a withdrawal option for many customers. At the same time, however, it is not possible to process transactions via Coinbase with PayPal’s Debit MasterCard.
Mass adoption in prospect?
PayPal and Venmo would compete directly with the cash app from Jack Dorsey, the Twitter CEO, who introduced Bitcoin in 2018.Recently, the cash app was chosen alongside Coinbase to be one of the most popular places to buy Bitcoin.According to public data, PayPal has over 305 million active registered accounts. The company’s CEO plans to aggressively grow Venmo to over 52 million accounts this year.