{"id":137318,"date":"2021-08-31T10:21:47","date_gmt":"2021-08-31T10:21:47","guid":{"rendered":"https:\/\/precoinnews.com\/?p=137318"},"modified":"2021-08-31T10:21:47","modified_gmt":"2021-08-31T10:21:47","slug":"paypal-reportedly-looks-to-take-on-robinhood-with-stock-trading","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/paypal-reportedly-looks-to-take-on-robinhood-with-stock-trading\/","title":{"rendered":"PayPal reportedly looks to take on Robinhood with stock trading"},"content":{"rendered":"<p>American payment giant PayPal is reportedly exploring ways to offer stock trading after launching cryptocurrency trading services last year.<\/p>\n<p>PayPal is looking to buy or partner with a broker-dealer to introduce its own stock trading service to compete with rivals like crypto-friendly stock trading app Robinhood, CNBC reported on Aug. 30.<\/p>\n<p>Citing anonymous sources, the report notes that PayPal has conducted relevant discussions with potential industry players but is unlikely to launch the new investment service this year. According to CNBC, PayPal\u2019s potential approval as a brokerage firm by the Financial Industry Regulatory Authority could take more than eight months.<\/p>\n<p>As part of the alleged plan, PayPal has already hired brokerage industry veteran Rich Hagen as the new CEO for its previously undisclosed division known as \u201cInvest at PayPal.\u201d According to Hagen\u2019s LinkedIn page, the exec will be responsible for PayPal\u2019s \u201cefforts to explore opportunities in the consumer investment business.\u201d<\/p>\n<p>Hagen is co-founder and former president of Ally Invest, a regulated brokerage business that acquired online brokerage firm TradeKing in 2016. The new PayPal exec was also president of TradeKing, which he co-founded back in 2005.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>PayPal launches crypto services for UK customers<\/em><\/strong><\/p>\n<p>PayPal representatives reportedly said that the company\u2019s potential plan to introduce a stock trading service comes in line with CEO Dan Schulman\u2019s long-term vision to embrace many more financial services, including \u201cinvestment capabilities.\u201d The CEO previously disclosed PayPal\u2019s product visions at the company\u2019s investor day in February.<\/p>\n<p>Following the news, PayPal shares surged 3.6%, while Robinhood\u2019s HOOD stock tumbled more than 6%, according to data from TradingView. Earlier in August, Robinhood said that cryptocurrency trading saw a significant surge in popularity on the platform this year, making up 41% of its revenue during Q2 2021.<\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/paypal-reportedly-looks-to-take-on-robinhood-with-stock-trading\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American payment giant PayPal is reportedly exploring<\/p>\n","protected":false},"author":3,"featured_media":137317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PayPal reportedly looks to take on Robinhood with stock trading - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/paypal-reportedly-looks-to-take-on-robinhood-with-stock-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PayPal reportedly looks to take on Robinhood with stock trading - 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