PayPal could be set to take on Robinhood and Square by allowing its American users to trade stocks, according to CNBC.
The payments giant has already held discussions with potential broker-dealer partners and is also considering buying an industry player, says CNBC, citing sources.
The firm recently hired former Ally Invest executive and TradeKing co-founder Rich Hagen as CEO of a new ‘Invest at PayPal’ division.
On LinkedIn, Hagen says he is “leading PayPal’s efforts to explore opportunities in the consumer investment business”.
Any stock trading platform is unlikely to launch before the end of the year, says CNBC.
Earlier this year, PayPal began letting US users buy, sell and hold cryptocurrency.