I mean, since PayPal already allows the trading of a few cryptocurrencies, then by definition it's already a "crypto exchange".
And I realize that a lot of people are excited about this, but I just don't see why. Skrill has done the exact same thing some months ago, and no one turned this into a big deal so PayPal should be no different.
There's a huge difference though, and that is that PayPal already has 346 million users[1]. While the crypto trading service isn't available for everyone yet, just imagine how much people would have exposure to bitcoin. They wouldn't need to install and register on a separate app for their bitcoin purchases.
[1]
https://www.statista.com/statistics/218493/paypals-total-active-registered-accounts-from-2010/indeed at this time paypal declares its contribution to bitcoin. but there are things that need to be considered which is where to access paypal the requirements are very complicated and take a long time. I was interested in pn at that time, but due to the account creation process, I ended up not continuing with registratio