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 easier to buy, sell, store and send cryptocurrencies while meeting all regulatory requirements..
PayPal to build its cryptocurrency service based on the Paxos brokerage solution
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 will be able to freely buy and sell cryptocurrency. However, the launch dates and the list of supported assets were not announced..
While the new product will give 325 million PayPal users direct access to digital assets and help popularize them, it is not new to the market. In fact, the company is now catching up with a number of major platforms offering similar services since 2018..
text: Ivan Malichenko, photo: teraprofit