KOLIN LUKAS — COINMARKETCO.NEWs

Fintech giant PayPal plans to roll out direct sales of cryptocurrency to its 325 million users before Q4 2020.

Currently, PayPal can be used as an alternative means for withdrawing funds from exchanges such as Coinbase, but this would be a first in terms of offering direct sales of crypto.

“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there.”

It is unclear which or how many cryptocurrencies would be available. The industry source said they expected PayPal “would be working with multiple exchanges to source liquidity.”

A second source confirmed that PayPal is looking to offer buying and selling of crypto and said the service could be expected “in the next three months, maybe sooner.”

PayPal declined to comment on the plans.

San Francisco-based crypto exchange Coinbase and Luxembourg-based Bitstamp were mentioned as likely contenders by the sources. Both Coinbase and Bitstamp declined to comment.

It’s worth noting that PayPal has a longstanding relationship with Coinbase…