PayPal is by far the most popular platform used by people to send money and purchase things on the internet. PayPal is working on the idea of offering stock trading to its users. As per reports the company has employed TradeKing co-founder Richard Hagen, who will now head a unit called Invest at PayPal. Hagan has updated his new job on his LinkedIn profile which mentions that he is in charge of PayPal’s efforts in searching more options in the consumer investment business. Reports of PayPal’s talks with some brokerage partners are also surfacing on news sites.
PayPal was much into the cryptocurrency market last year. It has also made some investments in that field. Last year October PayPal announced that it will let US users use cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin for buying, selling, and holding. So, taking up the retail trading is expected of PayPal. PayPal CEO Dan Schulman said to the investors that the company will expand its services and offerings by partnering with various financial institutions. He stated “investment capabilities” as a possible method. This development makes sense because of the surging interest in retail trading that surfaced because of the GameStop saga.
Official comments about stock trading haven’t been provided by the company. Even if the company decides to offer stock trading, it might take some time. There are reports from popular news sites that PayPal will not establish the platform this year. The company also needs to have approval from the Financial Industry Regulatory Authority to start its own brokerage firm. This process alone can take more than eight months.