The GameStop hype got a generation of individuals curious about trading, fueling the recognition of straightforward platforms like Robinhood that make it easy to shop for and sell stocks. It’s perhaps no surprise, then, that PayPal appears to be gearing up to launch its own Robinhood competitor, one that might join its relatively new crypto support.
The details come from insiders who recently spoke with CNBC; they allege that PayPal is looking into allowing its users to trade individual stocks. The upcoming option, assuming it becomes a politician product, could also be referred to as ‘Invest at PayPal,’ a division of the corporate that recently brought in brokerage industry expert Rich Hagen as CEO.
This isn’t the primary time rumor has surfaced that PayPal may launch a stock trading platform. Back in February, the financial company’s CEO indicated PayPal might explore ‘investment capabilities’ together with its long-term visions for the company’s future. The move would arguably be necessary to remain relevant among its most notable competitors.
Square, for instance, offers both cryptocurrency and stock trading through its popular Cash App, whereas PayPal offers its users limited cryptocurrency features. Then, of course, there are bigger players within the ‘simplified investing’ market, Robinhood, which saw notable controversy amid the trading frenzy involving meme stocks.
PayPal hasn’t confirmed the insiders’ leak, instead of pointing CNBC to the company’s statements back in February. The insiders claim PayPal has already been in talks with possible future partners within the trading industry, though no specific companies were named. Assuming such an idea is in situ, it might likely be a short time before we saw Invest at PayPal launch.
