12/29/2023 0 Comments Square or paypal stock![]() ![]() ![]() That process could take more than eight months. 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. Shares of PayPal jumped more than 3% following the CNBC report, while Robinhood shares lost more than 3%. According to one source, PayPal has held already discussions with potential industry partners. In order to offer stock trading to customers, it's possible PayPal will partner with or buy an existing broker-dealer. Robinhood, which became a publicly traded company this summer, has seen explosive growth with more than 22.5 million customers and doubled revenue in the most recent quarter from a year ago. PayPal rival Square offers stock and cryptocurrency trading through the Square Cash App, and its CFO has said the app drives engagement and revenue per user. Trading has become a booming business for the companies that offer it. A combination of stay-at-home orders during the pandemic, government stimulus checks and viral events like the rise of GameStop in January have spurred on new interest in the stock market. More than 10 million new individual investors have entered the market in the first half of this year, roughly matching last year's record level, according to estimates from JMP Securities. PayPal's move comes amid a retail trading renaissance. ![]() 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." His current job description outlines PayPal's efforts to "explore opportunities" in the consumer investment business. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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