PayPal makes hire around future stock-trading feature; shares rally

PayPal Holdings Inc. shares PYPL, +3.82% are up 4% successful day trading Monday aft a study highlighted the company's prosecute of an enforcement to pb its consumer-investing efforts. The CNBC study pointed to the LinkedIn illustration of Rich Hagen, a erstwhile Ally Invest president who present lists himself arsenic the main enforcement of "Invest astatine PayPal" liable for "[l]eading PayPal's efforts to research opportunities successful the user concern business." PayPal already lets users buy, sell, and clasp cryptocurrencies, but it doesn't yet connection banal trading. The institution is looking to boost its diagnostic acceptable connected the halfway PayPal and Venmo platforms arsenic it strives to go a "super-app" that brings unneurotic divers fiscal functions. A PayPal spokesperson directed MarketWatch to comments that Chief Executive Dan Schulman made during the company's February capitalist day, erstwhile helium talked astir opportunities to leverage partnerships and adhd much fiscal services to the PayPal platform. He spoke of bolstering PayPal's "investment capabilities due to the fact that if somebody's going to beryllium putting their wealth onto our platform, we privation them to beryllium capable to turn that money, to put that wealth successful not conscionable things similar crypto but successful idiosyncratic stocks and different assets that we tin digitize and let radical to put in." The CNBC study referenced an unnamed root who said the stock-trading features were improbable to motorboat this year. Rival Square Inc. SQ, +1.46% already offers stock-trading functions connected its Cash App. Shares of PayPal person risen 11.2% implicit the past 3 months arsenic the S&P 500 SPX, +0.50% has risen 7.9%.