PayPal is reportedly planning to announce a partnership with New York-based trust company Paxos as it prepares to launch cryptocurrency buying and selling services.
Citing sources familiar with the matter, Coindesk reports that the payments giant chose Paxos to handle the supply of crypto assets once it launches the cryptocurrency services.
It is not yet clear which digital assets PayPal will support. Paxos is the largest issuer of regulated stablecoins, including Binance USD (BUSD). The financial firm is also legally permitted to hold Bitcoin (BTC) and Ethereum (ETH) on behalf of institutional investors.
The report comes a week after the launch of Paxos Crypto Brokerage service, which enables companies to integrate crypto trading and sending functionalities into their applications.
Charles Cascarilla, Paxos CEO and co-founder, says the API-based solution offers clients a cost-effective way to provide crypto services to customers.
“Instead of having to seek out new services and brands, consumers can access crypto through the brands and applications they trust – from fintech apps to banks to brokers to ecommerce brands.”