Media: PayPal and Venmo will launch the cryptocurrency purchase function

PayPal and its Venmo mobile payment service plan to provide their 325 million users with the opportunity to directly purchase cryptocurrencies.

This was reported by CoinDesk, citing sources familiar with the situation. The publication notes that at the moment PayPal can be used to withdraw funds from some cryptocurrency sites, but the service has never been used to purchase cryptocurrencies before.

"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," 

one source said.

According to another source, the possibility of buying cryptocurrencies will appear on the PayPal and Venmo platforms already "within three months". It is not yet known which digital assets will be available for purchase, however PayPal works with several cryptocurrency exchanges to provide liquidity for the purchase of coins.

Note that PayPal has been cooperating with Coinbase for quite some time. Back in 2018, users of the exchange from America got the opportunity to instantly withdraw funds to PayPal accounts. Last year, a similar feature was added for Coinbase users from Europe and Canada.

In March, PayPal announced the search for a director for anti-money laundering (AML) and blockchain development strategies. The job was opened in an office in New York.

SOURCE