PayPal and Venmo are reportedly planning to let users buy and sell crypto

The Block • June 22, 2020, 2:31PM EDT

Plans are in the works to offer crypto buying and selling to users of PayPal and Venmo, according to a report by CoinDesk's Ian Allison.

“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” said one of three unnamed sources, according to the crypto news outlet's report. Liquidity for the offering would be sourced from crypto exchanges.

When reached for comment, a PayPal representative told The Block: "PayPal does not comment on rumors or speculation."

In terms of timing, CoinDesk reported that, according to one source, the service may become available in the next several months.

The news, if true, would represent a deepening relationship between PayPal (which owns Venmo) and the crypto ecosystem. Back in 2014, PayPal struck up partnerships with three bitcoin payment processors, including Coinbase, which allowed merchants in its network to accept bitcoin as payment.