According to the sources, the online payment company ‘PayPal’ has now been exploring a new stock-trading platform, and after revealing the ability to trade the cryptocurrencies in 2020, the company has now been exploring the different ways for letting the users to trade the individual stocks in the United States.
The San Jose, a company based in California have recently hired Rich Hagen, a veteran in the brokerage industry as a part of the move, and after leaving the company Ally Invest, Rich Hagen has now become the CEO of an unreported division of the company PayPal known as Invest at PayPal.
The current job of Rich Hagen has been outlining the efforts of the company ‘PayPal’ for exploring the opportunities in the business of the consumer investment, and this move of PayPal comes after a trading renaissance, and over 10 million new individual investors have now entered the market in the first half of 2021, which has been roughly matching the record level of 2020.
Currently, trading has become a booming business for the companies that are offering it, and the company Square, competitor of PayPal is also offering the cryptocurrency and stock trading through the App known as Square Cash, and the chief financial officer of Square has said, its has been responsible in driving the revenue and engagement as per the user.
In order for offering the stock trading platform to the customers, it has also been possible that, PayPal will be partnering with an already existing broker and dealer company as a part of this plan.