Is PayPal Getting Into The Stock Trading Game?

Benzinga2021-08-31

PayPal Holdings Inc PYPL 3.64%is one of the world’s largest digital payment sites. In addition to the flagship PayPal website, the company also owns and operates Venmo, one of the leading mobile payment platforms.

Now, the company may be getting into a new industry.

What To Know: PayPal is exploring a stock trading platform for users, according toa report from CNBC. The rumors materialized after former Ally Invest executiveRich Hagenadded the job title of “CEO of Invest at Paypal” on his LinkedIn.

A brokerage space for PayPal would be a natural fit for the company. One of PayPal's main competitors,Square IncSQ 1.45%, allows Square customers to invest in stocks on its CashApp application.

Why It's Important: Earlier in the month, PayPal announced U.K. customers would be able to use the platform to invest in cryptocurrencies. PayPal also rolled out a new feature in Venmo that allows customers to invest in various cryptocurrencies such asBitcoinandEthereum.

A U.S. brokerage firm from PayPal would bolster the company’s standing in the asset-trading space.

Bank of America analyst Jason Kupferberg said in a Monday note that investors shouldconsider buying the recent dip in PayPal’s stock, citing promising new features like possible stock trading.

Price Action: PayPal's stock spiked higher after CNBC's report. Shares are up 2.7% to $285.87 at publication time.

Robinhood Markets Inc HOOD 6.89% dipped lower, trading down 3.2% to $45.35 at publication time.

免责声明:本文观点仅代表作者个人观点,不构成本平台的投资建议,本平台不对文章信息准确性、完整性和及时性做出任何保证,亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

发表看法
7