PayPal is probably better known by many as a platform that people use to send money to each other and shop online. However, it seems that the company wants to expand and then consider entering into trading stocks. This was reported by CNBC, citing sources familiar with the plan.
According to the report, PayPal allegedly hired Rich Hagen to lead the “Invest in PayPal” program. Hagen was a co-founder of TradeKing, an online brokerage firm that was later acquired by Ally Invest. Unless PayPal hires Hagen for anything else, if PayPal wants to be an exchange trading platform, its trading game experience will no doubt work.
To be fair, the company’s interest should not come as a surprise. There seems to be an increase in investment, and PayPal supported cryptocurrency last year, which is a form of investment these days, so it’s no surprise that they’re switching to stocks.
But the report says that if PayPal moves forward, it probably won’t happen this year. The report claims that if PayPal wants to be a trading platform, it will have to complete a membership process through FINRA, a process that can take more than 8 months, and that will probably be the earliest in 2022.
Entered. Read more about Paypal. Source: cnbc