Being given the green light as PayPal’s venerable supplier for cryptocurrency coins within their new ventures is a massive achievement. Of course, Paxos cannot truly celebrate in the limelight as yet, since this is currently news from sources close to PayPal. The new vision of the fintech leader is to deliver cryptocurrency to the general populace.
Who Is Paxos?
Paxos, a start-up from New York, has recently brought to market the Paxos Crypto Brokerage solution. In addition, they landed a contract from Revolut US, the US division of an English fintech company specializing in Bitcoin. According to sources close to the firms, a press release confirming PayPal as Paxos’ next client could be anticipated shortly.
This new diversification of PayPal would add further validity to cryptocurrency within the consciousness of the general public. PayPal would be joining a growing number of companies to offer cryptocurrency as a potential payment method. One such example of another company is Square, an online software payment solution application.
At this point, it is not yet known which crypto tokens PayPal intends to allow as payment methods. At the time of writing, neither PayPal nor Paxos has responded to requests from the media for further information.
What Will Paxos Offer To PayPal?
Paxos has a product, the Crypto Brokerage, whereby businesses can offer crypto services in a completely legal manner. Yes, that means buying, selling, sending Bitcoin tokens to your best friend, and holding tokens are all possible. In fact, Paxos is authorized to hold assets on behalf of its clients; these assets include cryptocurrency tokens.
When the story began of PayPal’s intentions to offer cryptocurrency to the market at large, other suppliers were mentioned. These suppliers included Coinbase, a San Francisco company, and Bitstamp, a firm based in the European Union.
Traditional Financial Firms Move Closer To Disruptive Technology
Cryptocurrency is no longer viewed as a risky asset dedicated solely to those with an endless appetite for risk. Instead, it has become venerable, moving closer and closer to a solid component of the modern investor’s portfolio. Of course, fintech firms and applications are seeking to gain traction and expand their consumer market offering with an addition of cryptocurrency assets.
Square, the unicorn payments firm created by the CEO of Twitter Jack Dorsey, has shown remarkable growth in their Bitcoin profits. Square established the option of Bitcoin payments within the fiscal year of 2018. All in all, they have managed to gross $306 million income purely from their Bitcoin payments to date.
The CEO of Paxos, Charles Cascarilla, has stated that his company’s new solution could usher in a rush to cryptocurrency payments. Thereby showing that the firm is anticipating an influx of clients. Who will these clients be? According to Cascarilla, it will be everyone, from banks to apps, dropshipping, and other online stores as well as investment firms.
When asked about Paxos’ ability to meet the future demands, Cascarilla, stated the firm is ready to scale to clients needs.