According to an unconfirmed report, PayPal will introduce the option to buy, sell and store cryptocurrencies in the coming months. PayPal, the titan of online payments, plans to add cryptocurrencies to its accounts over the next three months, according to a Coindesk article. So far, the company has neither confirmed nor denied the report, which suggests that it is not entirely out of thin air. An “excellently positioned industry source” told the magazine that PayPal and Venmo customers will be able to buy and sell cryptocurrencies directly from their accounts. There will be a kind of integrated wallet so that the coins can also be saved in the account. Another source not mentioned by name confirms this and adds that the service should be available “maybe even earlier” over the next three months.
How many and which cryptocurrencies come into the PayPal account is currently still unclear. According to Coindesk’s source, PayPal will work with various exchanges to pool liquidity. BitStamp and Coinbase were named as exchanges. Like PayPal itself, they declined to comment on the rumors. PayPal has long been a kind of “archenemy” of Bitcoin, as the cryptocurrency was supposed to snatch online payments from centralized service providers. When PayPal blocked donations to WikiLeaks in 2010, this was one of the reasons why Bitcoin received media attention for the first time to be a censorship-resistant online payment method. Since then, the crypto scene has repeatedly been outraged that PayPal is blocking customers who have too much to do with Bitcoin, which has often been understood as a sign that PayPal fears the new, decentralized competition.