The secure online payment company PAYPAL decided to allow Venmo users to buy, hold or also sell cryptocurrencies. This new option pumped the stock prices of PayPal around %15 in a week.
Paypal opens the door for its mobile payment service Venmo to allow its 70 million customers to trade with cryptocurrencies within the application in the coming weeks. The operation will be very smoth: Venmo customers will be able to access this system with just one dollar by clicking on “Crypto” in the application menu at the top right of it.
At first, the Venmo users will be able to choose between only four types of cryptocurrencies: Ethereum, Litecoin, Bitcoin and Bitcoin cash. Venmo will launch this service through the PayPal and Paxos Trust company which is an official provider of cryptocurrency products and services. PayPal will also acquire an operating license from the New York Department of Financial Services.
At the moment there are no set dates for the service to be launched outside the United States.
PayPal has been chosen the second most reliable brand in 2021 according to a study carried out by Morning Consult. This survey was carried out with 300,000 people in 15 countries. PAYPAL obtains this position thanks to compliance with the standards of security, offering alternative solutions to in-person services and by a good sense of support to employees and community members. In the specific case of PayPal, consumers particularly have highlighted is that it focuses on supporting small and specialized companies with the values: trust and innovation.
Paypal will reveal the details again for the market on May 5. Experts’ expectations for its sales for the first quarter is to reach $ 5.9 billion. In the previous quarter, sales reached 4,620 billion, which would mark a year-to-year growth of 27.7%.