PayPal Is Exploring a Stock-Trading Platform For US Customers
PayPal is exploring a possible stock-trading platform, after rolling out the ability to trade cryptocurrencies last year. CNBC reports: The San Jose, California-based company recently hired brokerage industry veteran Rich Hagen as part of the move, according to one of the sources. After leaving Ally Invest, Hagen is now the CEO of a previously unreported division of PayPal called Invest at PayPal, according to his LinkedIn page. Hagen was the co-founder of online brokerage TradeKing, which was bought by Ally Invest. His current job description outlines PayPal's efforts to "explore opportunities" in the consumer investment business. When reached for comment, PayPal pointed CNBC to CEO Dan Schulman's comments at the company's investor day in February, when he spoke about the long-term vision for the company and how it may include many more financial services, including "investment capabilities." In order to offer stock trading to customers, it's possible PayPal will partner with or buy an existing broker-dealer. According to one source, PayPal has held already discussions with potential industry partners. Still, one source familiar with the idea said it was unlikely that the trading service would roll out this year. If PayPal did look to get full approval as a brokerage firm alone, it would need to complete a new membership process through the industry's main regulator, FINRA. That process could take more than eight months. PayPal has more than 400 million accounts worldwide.
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