PayPal users could trade stocks
Online payments giant PayPal could launch a brokerage for customers, according to a CNBC report.
The company is "has been exploring ways to let users trade individual stocks, according to two sources familiar with the plans."
One of the sources appears to be the LinkedIn page of Rich Hagen, who is now the CEO of an unreported division called "Invest at PayPal".
"In order to offer stock trading to customers, it's possible PayPal partners with or buys an existing broker-dealer as part of this plan. According to one source, PayPal has held already discussions with potential industry partners."
PayPal's market cap of $340 billion compares to $140B at Charles Schwab but smaller brokers would be easier to digest.
Shares of PayPal have spiked on the report.
There's a race to be a one-stop shop for all finance, commerce and ecommerce and PayPal is looking to shore up a vulnerable front.
