PayPal Holdings’ shares rose on Monday following a report that the company is looking at methods to allow its US users to trade individual equities on its platform.
CNBC reported that the payments business also recruited brokerage industry veteran Rich Hagen, citing two individuals familiar with the situation. According to his LinkedIn profile, Hagen is the CEO of Invest at PayPal, as well as the co-founder and previous president of brokerage Ally Invest.
PayPal did not immediately reply to a request for comment from Reuters. The firm has 400 million accounts and recently began bitcoin trading in the United States.
PayPal stated in a February presentation that its entire potential sector, which includes bill payment, government payments, and asset trading, was $110 trillion.
Retail trade has increased dramatically in recent years as internet platforms have grown in popularity and fees have been eliminated.
According to Charles Schwab Corp, “investible” wealth in the United States surpasses $50 trillion, which includes funds in defined contribution plans, retail wealth management, and bank deposits.
PayPal stated in a February presentation that its entire potential sector, which includes bill payment, government payments, and asset trading, was $110 trillion.
Retail trade has increased dramatically in recent years as internet platforms have grown in popularity and fees have been eliminated.
According to Charles Schwab Corp, “investible” wealth in the United States surpasses $50 trillion, which includes funds in defined contribution plans, retail wealth management, and bank deposits.
PayPal’s stock rose sharply and finished nearly 4% higher.
According to sources familiar with the situation, PayPal is evaluating offers from businesses such as Apex Fintech Solutions and DriveWealth. Apex and DriveWealth did not respond quickly to requests for comment.
