PayPal could be preparing to take on the massive trading platform Robinhood head on with a potentially major offering. With trading platforms becoming more and more popular as more and more traders emerge, could the company be getting ready to launch a trading platform?
GameStop Hype Robinhood
According to SlashGear, the whole GameStop hype has finally got a new generation of people interested in trading which is now fueling the popularity of simple platforms just like Robinhood. Robinhood makes it easier for individuals to buy and sell stocks through its platform.
It is now perhaps no surprise, then, that PayPal looks like it is gearing up in order to launch its very own Robinhood competitor. This could reportedly be one that would join its already in works relatively new crypto support.
'Invest at PayPal'
The details reportedly come from insiders that were able to speak directly with CNBC. According to the insiders' information, PayPal is allegedly looking into allowing users to trade individual stocks.
The upcoming option, now assuming that it will become an actual official product, could be known as the company's "invest at PayPal" which would be a division of the company that has just recently brought in the brokerage industry expert Rich Hagen as CEO. This also isn't the very first time that rumor has started to surface regarding PayPal noting it could launch an upcoming stock trading platform.
PayPal Could Explore 'Investment Capabilities'
Just recently, the financial company's official CEO indicated that PayPal could explore other "investment capabilities" as one of the company's long-term visions for its future. The move would also arguably be necessary in order to stay relevant against its most notable competitors.
An example of this is Square which currently offers both cryptocurrencies as well as stock trading through its already popular Cash app. PayPal, on the other hand, offers its users just limited cryptocurrency features as of the moment.
'Simplified Investing' Market
Then, of course, there are still other massive players in the whole "simplified investing" market just like Robinhood which was the highlight of controversy amid the whole trading frenvy which involved meme stocks.
For those that aren't familiar with this incident, this was the time when famous hedge fund investors were shorting gamestop and the majority market was long with GameStop. Robinhood suddenly decided to prevent people from buying more GameStop stocks to allegedly stop their losses.
PayPal in Talks with Potential Partners
PayPal, as of the moment, hasn't confirmed what the insiders had leaked and pointed CNBC instead to the company's statements that were made in February 2021. The insider also claims that PayPal has already been in talks with its possible future partners in the vast trading industry.
As of the moment, however, there are no specific companies named when talking about PayPal's possible future partners in the trading industry. Assuming that there is such a plan that is already in place, it would most likely be a while before the users saw Invest at PayPal officially launch.
This article is owned by Tech Times
Written by Urian B.