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Home Cryptocurrency news Bitcoin

Rumored PayPal and Venmo Crypto Support To Provide Big Boost To Adoption

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Rumored PayPal and Venmo Crypto Support To Provide Big Boost To Adoption
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New rumors circulating the web suggest that payments processing giant PayPal and subsidiary Venmo are making a major play in crypto.

What are the two powerhouses planning and how might it impact the crypto market in the future?

PayPal and Venmo To Begin Selling Bitcoin, Launch Crypto Wallet

If you can’t beat ’em, join ’em, goes the saying. That’s exactly what Venmo and parent company PayPal may be doing, according to sources familiar with the matter.

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According to a “well-placed industry source,” PayPal and Venmo will be embracing cryptocurrencies like Bitcoin in a major way.

The company’s stance has long been in opposition to the emerging technology that directly threatens its business model.

PayPal users report that the company routinely blocks transactions from being made using the service. It does, however, allow users to transfer funds to the platform from some exchanges to cash out.

Related Reading | Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin 

Coinbase offers PayPal as a withdrawal option for many customers. Meanwhile, PayPal’s debit MasterCard isn’t allowed to transact on Coinbase.

Soon, PayPal and Venmo could act as a fiat payment gateway, much like the Cash App does for Bitcoin.

Coindesk sources claim that PayPal would launch the option to buy cryptocurrencies right from the platform itself. PayPal and Venmo would also enable a crypto wallet so the assets can be stored with the payments provider.

In addition to allowing users to buy crypto right from PayPal, it will enable direct sells well. This will cause the platforms to effectively function as a cryptocurrency exchange.

Additional sources back up the claims, adding that the service could be rolled out as on as “three months” from now.

Payments Processing Giant Could Facilitate Critical Adoption Quickly

PayPal and Venmo would immediately face off against Jack Dorsey’s Cash App, which launched Bitcoin buying in 2018.

Cash App was recently named alongside exchange Coinbase as the most popular places to buy Bitcoin.

PayPal has over 305 million active registered accounts according to data. The company CEO plans to aggressively grow Venmo to over 52 million accounts this year.

paypal venmo crypto bitcoin user accounts

Nearly 400 million user accounts exposed to cryptocurrencies through PayPal and Venmo is an enormous step for adoption.

Related Reading | 50% of Population To Use Bitcoin By 2043 If Cryptocurrency Follows Internet Adoption 

There are said to be over 40 million individual blockchain wallets in the world. Even if just 10% of PayPal and Venmo users eventually use cryptocurrency wallets, the current number would double.

paypal venmo crypto bitcoin user accounts

Take any rumors with a grain of salt, especially when the plans appear to undermine the company’s business model. If the rumors are indeed true, PayPal and Venmo’s plans should be revealed before the year is over.

Tags: bitcoinbtcubtcusdBTCUSDTcryptopaypalVenmoxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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