Cascarilla said Paxos intends to use the funds to hire at least 100 more employees and build trust by obtaining more regulatory licenses, including a national bank charter and SOC 2 certification. The certification is a very tough, very well-respected audit of a company’s processes for securing and protecting customer data. Paxos will also focus on increasing the type and number of tokenized assets it handles.
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A new service from PayPal allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account (Photo: PayPal)PayPal crypto service goes live
The digital payments company’s U.S. customers can now buy and sell bitcoin, ether, bitcoin cash, and litecoin in their accounts, heralding a new level of mainstream availability for cryptocurrencies
Announced last month, the crypto support went live for U.S. customers on Nov. 12, marking a new level of mainstream availability of cryptocurrency. In addition, PayPal said it will “significantly increase cryptocurrency's utility” as it will be usable for purchases at the company’s network of 26 million merchants worldwide.
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Bloomberg: Is PayPal buying crypto custodian BitGo?
The report cites anonymous sources who say PayPal is in talks to buy crypto firms including the competitor of its announced custodian Paxos
Citing anonymous sources, the Bloomberg report said that PayPal Holdings is looking to double down on its jump into crypto this week. No other firms were mentioned by name, and the sources made clear BitGo was not a done deal.
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Is institutional FOMO behind rumored PayPal-Paxos partnership?
Reports say the payment giant’s rumored team-up with the Paxos Trust Company is a sign of growing fear of missing out by big financial institutions that could that could take bitcoin mainstream
PayPal’s rumored plans to offer cryptocurrency purchases to its hundreds of millions of users appear to be gathering pace in what could be the latest example of a growing trend—fear of missing out on digital assets by traditional financial institutions.
