PayPal May Offer Stock Trading Services

PayPal may offer stock trading services. However, the company also stated that it did not act too hastily in this regard.

US payment service giant PayPal, after embarking on cryptocurrency trading services last year, has set out to explore ways to create a platform for stock trading as well. PayPal is exploring ways it can launch its own stock trading service to compete with rivals like Robinhood, the cryptocurrency-friendly stock trading app and others, according to a CNBC report on Monday. PayPal thinks it can launch this service with a platform it created from scratch or by partnering with an existing platform that provides this service. In addition, while PayPal is negotiating for a stock trading service, it does not want to do so this year. According to CNBC, it may take more than eight months for PayPal to be approved by the Financial Industry Regulatory Authority to serve as a brokerage firm. Also, according to one claim, PayPal has a department that has a previously undisclosed division, also known as "Invest in PayPal". Paypal has hired financial industry veteran Rich Hagen as the new CEO for this department. According to Hagen's page on LinkedIn, he will be the person responsible for PayPal's efforts to explore opportunities in its consumer investment business.