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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

FOSJ
2021-08-31
FOSJ
Now we are talking
CYLiew
2021-08-31
CYLiew
Too high now
Deetom
2021-08-31
Deetom
Ok
- Deetom:
  Ok
Deetom
2021-08-31
Deetom
Ok
WwwQY
2021-08-31
WwwQY
Go where $ is
zhenx
2021-08-31
zhenx
Luke and comment
- zhenx:
  tq
- Miguho:
  Liked

Leave a comment

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The rumors&nbsp;materialized after former <a href=\"https://laohu8.com/S/ALLY\">Ally</a> Invest executive<b>Rich Hagen</b>added the job title of “CEO of Invest at Paypal” on his <a href=\"https://laohu8.com/S/LNKD\">LinkedIn</a>.</p>\n<p>A brokerage space for PayPal would be a natural fit for the company. One of PayPal's main competitors,<b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc</b>SQ 1.45%, allows Square customers to invest in stocks on its CashApp application.</p>\n<p><b>Why It's Important:</b>&nbsp;Earlier in the month, PayPal announced&nbsp;U.K. customers would be able to use the platform to invest in cryptocurrencies. 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