PayPal to build its cryptocurrency service based on the Paxos brokerage solution
The largest electronic payment system PayPal plans to supply cryptocurrency for its new service through the Paxos brokerage solution.
According to CoinDesk, the fintech giant will use Paxos Crypto Brokerage, a recently launched API-based solution that helps companies integrate digital asset services into their operations, making it easy to buy, sell, store and send cryptocurrencies in compliance with all regulatory requirements.
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A person familiar with the matter also told reporters that PayPal may officially announce the partnership soon. Earlier, the payment system has already announced that it will offer its customers a new service through which platform users can freely buy and sell cryptocurrency. However, the launch dates and the list of supported assets were not announced.
Although the new product will open 325 million users of PayPal direct access to digital assets and will contribute to their popularization, but it will not be something new for the market. In fact, now the company is catching up, as a number of large platforms offer similar services since 2018.