Rumors recently surfaced of mainstream payment giant PayPal adding crypto as an option on its platform. Although he had no additional information on the legitimacy of the rumors, OKCoin COO Jason Lau said digital assets on PayPal would further crypto adoption.
"When a traditional player like PayPal, who has 325 million users, enters the crypto space, it is sure to have a positive impact in highlighting cryptocurrencies to a big new audience," Lau told Cointelegraph via email correspondence on June 24.
PayPal rumors and job listings surface
Rumors hit the web on June 22 of PayPal adding cryptocurrencies to its platform. In tandem with the rumblings — job listings PayPal posted on the web searching for crypto and blockchain-related engineers. Little information has been confirmed, however. PayPal declined comment on the rumors, according to previous Cointelegraph reporting.
Given the fact the public is unsure of a PayPal crypto listing in general, details around specifics on such a listing obviously lie unconfirmed as well. "Whether they are merely giving the customer price exposure or allowing users full on-chain ownership to send to an external wallet remains to be seen," Lau said.
"Having complete control of your crypto adds a very important level of security and utility to users," Lau added.
People generally start with the basics
Crypto on a mainstream payment giant means exposure. "PayPal adding crypto would bring additional awareness, adoption, and a new low friction payment method for individual users," Lau said.
At the start, when people hear about crypto, they often become involved through more mainstream, user-friendly and simply avenues.
"Typically, our users first get initiated to crypto via an app like Square Cash, Robinhood, or now potentially Venmo, and then come to OKCoin to develop and execute their investing and trading plans," Lau said after mentioning OKCoin and other exchanges as more complex, touting added capabilities.
Lau added:
"As with fiat, investing usually comes after people learn how to acquire, store, and transact an asset. We're excited to see more and more platforms providing users the ability to take that first step into crypto to grow the market."
PayPal is just the latest sign of the growing mainstream crypto interest seen in 2020, which includes mainstream billionaire hedge funder Paul Tudor Jones' dive into Bitcoin investment, and Harry Potter author J.K. Rowling's comments about Bitcoin on Twitter.