American payments giant PayPal is reportedly exploring ways to offer stock trading after launching cryptocurrency trading services last year.
PayPal is looking to buy or partner with a broker-dealer to introduce its own stock trading service to compete with rivals such as crypto-friendly stock trading app Robinhood, CNBC reported on Monday.
Citing anonymous sources, the report notes that PayPal has conducted relevant discussions with potential industry players but is unlikely to launch the new investment service this year. According to CNBC, PayPal’s potential approval as a brokerage firm by the Financial Industry Regulatory Authority could take more than eight months.
