Paypal, the company of CEO Peter Thiel (who was the legendary first-ever venture capitalist in Facebook) is taking a step to allow their 325 million users to buy and sell crypto directly.
According to reports in the specialized American trade press, Venmo, another fintech payment system, is also working on plans in that direction. It is the umpteenth time that Silicon Valley opens the door for crypto.
Currently, PayPal can be used as an alternative means of withdrawing money from US crypto platforms such as Coinbase, but this would be a first in offering direct crypto buying and selling.
“I understand they will allow crypto purchases and sales directly from PayPal and Venmo,” a source told CoinDesk. “They’ll have some sort of built-in wallet functionality so you can store it there.”
Twitter and Reddit
Thiel follows in the footsteps of Twitter CEO Jack Dorsey who already made Bitcoin purchases in his Cash app with his new company Square in mid-2018. That Cash App reported a whopping $ 306 million in bitcoin revenue in the most recent quarterly report, an amount that didn’t go unnoticed in Silicon Valley.
Reddit also jumped on the crypto bandwagon when the site allowed their Fortnite commenters to earn points, payable in their own cryptocoins. Reddit’s system is based on the Ethereum blockchain.