PayPal has reportedly partnered with Paxos to launch its crypto service

Payments giant PayPal is said to have partnered with Paxos Crypto Brokerage to launch its crypto service.

CoinDesk reported the news on Monday, citing "two people familiar with the matter." One source said the partnership could be announced as soon as this week.

Paxos Crypto Brokerage was launched last week, with Revolut U.S. as its first client. The API-based brokerage service allows fintech firms to integrate crypto buying, selling, holding and sending capabilities into their own applications. Paxos handles all regulatory, technological, and liquidity aspects, while fintech firms take care of front-end experiences.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

PayPal's crypto plans were only revealed last month, but in March, the company told the European Commission in a letter that it is developing crypto capabilities and is in favor of building an EU-level framework for crypto-assets.

PayPal's launch of crypto service would be massive since the giant has over 300 million users. Other major fintech firms that already offer crypto services include Robinhood, Square's Cash App, eToro, and SoFi. In contrast, some other fintech giants, such as Wealthfront and Betterment, are yet to hit the nascent market.

Paxos CEO Charles Cascarilla recently said that the firm's brokerage service could be "a major tipping point" for crypto adoption. Paxos is even prepared to scale its own internal exchange itBit to meet the demand of new clients, Cascarilla told The Block last week.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.