© Reuters. FILE PHOTO: The PayPal app logo featured in this illustration photo dated October 16, 2017 on a mobile phone. REUTERS / Thomas White / Illustration // file photo
(Reuters) – shares of PayPal Holdings Inc (NASDAQ 🙂 jumped on Monday after a report that the company is looking for ways to enable its U.S. customers to trade individual stocks on its platform.
The payment company also hired brokerage industry veteran Rich Hagen, CNBC reported, citing two sources familiar with the matter. According to his LinkedIn page, Hagen is the Chief Executive Officer of Invest at PayPal and co-founder and former president of the brokerage house Ally Invest.
PayPal did not immediately respond to a Reuters request for comment. The company has 400 million accounts and started trading cryptocurrencies in the United States earlier this year.
In a presentation in February, PayPal said its total addressable market, including bill payment, government payments, and asset trading, is $ 110 trillion.
Retail has grown significantly in recent years as online platforms have gained users and fees have disappeared.
Charles Schwab (NYSE 🙂 Corp estimates "investable" wealth in the United States, including funds in defined contribution plans, retail wealth management, and bank deposits, exceeds $ 50 trillion.
PayPal shares soared, closing nearly 4%.
Bloomberg separately reported that PayPal is considering offerings from companies like Apex Fintech Solutions and DriveWealth, citing people familiar with the matter. Apex and DriveWealth were not immediately available for comment.
Robinhood (NASDAQ 🙂 Markets, whose royalty-free smartphone stock trading app is widely used by retail investors, continued an earlier decline and was most recently down nearly 7%.
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this information.
Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that may arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.