PayPal is working on incorporating cryptocurrencies into their business, according to Sandi Bragar, a managing director at the investment management firm Aspiriant.
Bragar says in a new interview on CNBC that the payments giant’s openness to crypto is one reason Aspiriant views it as a favorable stock for investors. The other, she explains, is the coronavirus pandemic’s impact on commerce.
“It’s at the forefront of all the e-commerce and digital payments, and we think that there’s been a huge amount of demand as people have been staying at home, conducting commerce from their couch, from their beds, wherever they’re hanging out. And we think that’s going to continue as we move beyond this pandemic ultimately as people get out and about more and begin to resume more of a normal life.
We also like that PayPal is working with merchants to bring crypto into the fold, and we think that’s going to be really important as more of the cryptocurrencies become more mainstream in the years ahead.”
In July, reports surfaced that PayPal was planning to announce a partnership with New York-based trust company Paxos to handle the supply of crypto assets once it launches cryptocurrency services.
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.