PayPal Holdings, Inc (PYPL  ) looks to be set on expanding its financial reach into the cryptocurrency market. PayPal is rumored to be exploring several cryptocurrency firms' purchases and has begun allowing cryptocurrency to be traded and stored within its flagship platform.

PayPal officially joined the crypto club on Wednesday after adding cryptocurrency trading to its eponymous platform. In its press release, PayPal noted the increasingly mainstream appeal of cryptocurrency, especially as financial platforms become more adept at handling cryptocurrency and many central banks toy with the idea of launching their own cryptocurrency.

"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly," said PayPal's President and CEO Dan Schulman. "Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce."

According to the release, PayPal's cryptocurrency integration will begin in early 2021, with users able to use any stored currency to pay merchants and convert currency through the platform. No additional fees will be applied during any crypto transactions.

In addition to offering crypto trading on its namesake platform, PayPal is also looking into the possible acquisition of several cryptocurrency companies, according to anonymous sources quoted by Bloomberg. One of the more prominent names that PayPal has been looking into is BitGo Inc., a cryptocurrency custodian that provides bitcoin storage for investors. Important details of a potential deal, including how much PayPal could acquire the company for, are still unknown.

Neither BitGo nor PayPal has commented on the potential acquisition.