Palo Alto fintech giant PayPal mulls stock-trading platform for US-based users


Palo Alto fintech giant PayPal mulls stock-trading platform for US-based users

PayPal Holdings Inc., the American multinational financial technology titan headquartered in Palo Alto, California, has been exploring an option to enable its US customers to trade individual stocks in the platform, a CNBC report published late on Monday had unveiled citing unnamed sources familiar with the subject-matter.

Aside from that, latest CNBC report had quoted two sources familiar with the issue as saying that the international payment transaction giant had hired a brokerage industry veteran Rich Hagen to oversee the proceedings.

Hagen, who is a co-founder and an ex-President of brokerage firm Ally Invest, has currently been acting as the Chief Executive of Invest in the Palo Alto-based payment processing megalith. However, while being asked over the subject-matter, a spokesperson for PayPal Holdings Inc neither acknowledged nor denied the feasibility of latest CNBC report.

Followed by the release of media headline that PayPal has been working out a platform for its US-based users to trade stocks, shares’ prices of the payment processing giant had immediately jumped more than 3 per cent in early-morning US trading hours, however, had wrapped up the day just a notch shy of 4.0 per cent higher at $289.30 per share.

PayPal to launch equity trading platform

Nonetheless, although it still remained unclear on how and when the Palo Alto-based payment processor would roll out a platform to enable its US-based customers to trade equities, shares’ prices of a number of stock-trading apps had slipped on midday US trading.

Robinhood Markets, whose zero-fee stock trading app has been a favourite among main street traders, fell as much as 4.0 per cent followed by the CNBC report and wrapped up the day with a hefty whiplash of 7.67 per cent at $43.45 apiece.