Is PayPal Positioned to Become a Major Player in Crypto? ($PYPL, $SQ)

October 27, 2021

Is PayPal Positioned to Become a Major Player in Crypto? ($PYPL, $SQ)

Paypal ($PYPL) and Square ($SQ) hold a preeminent position as the 2 largest digital payment providers in the U.S.
Both companies have made a concerted push into the cryptocurrency space over the past year…LikeFolio data shows that Paypal is maintaining a lead in terms of adoption.
Paypal recently added the ability to buy/hold/sell select cryptocurrencies on its P2P payment app, Venmo -- PYPL also offers a variety of crypto services on its main platform, like giving users the option to make purchases from retailers using cryptocurrency.
Conversely, Square only supports crypto investment features on CashApp, its p2p payment app.
Consumer Mentions of engaging with cryptocurrency services on Paypal and Venmo are outpacing those of Square and CashApp on a 90-day moving average.

Square’s CEO, Jack Dorsey, is a long-time Bitcoin (BTC) bull, and its stands to reason that SQ will continue to expand its cryptocurrency operations going forward.

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