PayPal, Venmo just announced via press released users will soon allow to purchase bitcoin and cryptocurrencies using their applications (App). This is ground breaking and good news for BTC and crypto adoption around the globe.
This is welcome news for the digital currency market. However, it comes with surprise, giving how lucrative trading bitcoin is for PayPal and Venmo’s competitor, Square’s Cash App.
CryptoZink recently reported that Cash App generated $528 in Bitcoin transactions in the first quarter of 2020 for the payment processing firm. Cash App saw a 367% increase from prior year. Square total revenue for 2019 is $1.38 billion.
When will buying bitcoin / cryptocurrencies using PayPal, Venmo become available?
Presently, PayPal users can withdraw funds from their Coinbase accounts. However, buying Bitcoin, crypto using PayPal is now in progress, according to new reports. Paypal and Coinbase have being collaborating for a while now.
Rumors are PayPal and Venmo are racing to beat each other’s launch date. According to some insiders, buying and selling crypto on the two apps could become available in the next three months, if not earlier.
A respected industry source told CoinDesk:
“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo.”
“They are going to have some sort of a built-in wallet functionality so you can store it there.”
Which cryptocurrencies can users purchase from PayPal and Venmo?
We currently have no information on which cryptocurrencies PayPal and Venmo will allow users to buy. However, traditional fiat payments processing firms venturing into digital currencies tend to start with the top 10 cryptocurrencies.
At the top of the list at time of writing, by market capitalization are: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Binance Coin (BNB), EOS, Tezos (XTZ) and Cardano (ADA).
PayPal, Venmo, Cash App bitcoin / crypto processing competitions
Although PayPal & Venmo will command a sizable share of crypto buying, selling and trading market once launched, they face some competitions. In addition to Cash App; which is owned by Twitter CEO Jack Dorsey, they also will compete with a little known London-based company named Revolut.
Following a partnership with one of the leading cryptocurrency exchanges, Bitstamp, in February 2017, Revolut raised $500 million. The new cash flow shot the British financial technology firm to a $5.5 billion valuation.
Blockchain jobs & hiring surge
Firms seeking to hire Blockain technology experts is at all-time high. Two recent reports illustrated the needs for blockchain expertise. CryptoZink reported on January 2020 that Blockchain jobs were the most popular on Linkedin, followed by another report on May 8 that shows Jobs in Blockchain tech beat other tech jobs as the highest paid.
Furthermore, PayPal listed several Blockchain-related jobs at the beginning of 2020. 8 jobs listings seekign engineers; to be specific. Four of them for their San Jose office and the other four for the Singapore location. PayPal launched its Blockchain Research Group in January 2020.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.