PayPal is exploring the possibility of adding an equity trading platform to give users access to trading individual shares.
According to sources familiar with the situation, the payment services company has hired brokerage industry veteran Rich Hagen as part of its expansion to “invest at PayPal”, a previously unreported division of the company.
Hagen’s LinkedIn page and current job description confirm and outline Paypal’s plan to explore opportunities in the consumer investment market.
PayPal’s latest move to become an equity trading platform comes amid a retail trading boom that has drawn millions of new investors to the stock market, many of whom have made their way through a combination of factors such as the pandemic, government stimulus checks and viral events such as the rise of GameStop in January.
As trading has become more widespread, it has become a lucrative business opportunity for companies offering exchange trading services.
For more information, read the original story in Reuters.