PayPal, one of the biggest online credit card processing companies in the world, wants to build out its very own stock trading platform for U.S. customers.
According to reports by CNBC, PayPal hired brokerage expert Rich Hagen to head up Invest at PayPal, the new stock trading division of the company. Hagen was formerly the President of Ally Invest and Co-Founder of TradeKing, an online stocking trading platform.
This news comes a year after the payment giant announced support for buying and selling with cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Shares of PayPal jumped more than 3% after CNBC announced the news.