PayPal is working on its own cryptocurrency, called PayPal Coin.
If the market fall convinced you that the Bitcoin industry was dying, you would probably reconsider. PayPal, the worldwide electronic payments behemoth, is developing its own cryptocurrency.
PayPal is exploring the possibility of releasing a stablecoin pegged to the US dollar. In an interview with Bloomberg News, Jose Fernandez da Ponte, PayPal’s senior vice president of cryptocurrencies and digital currencies, only acknowledged that the initiative is severe but experimental. However, there are currently no specific plans for implementation. He did say, though, that if the currency is legalised, it will fulfil all regulatory requirements:
We are looking at stablecoin, and if and when we decide to go ahead, we will work closely with the appropriate authorities.
PayPal is a widely-used online payment service that allows people to transfer money online. It is the world’s leading digital payment company and processes more than $1 trillion in payments annually.
PayPal is a widely-used online payment service that allows people to transfer money online. It is the world’s leading digital payment company and processes more than $1 trillion in payments annually.
PayPal will profit from the creation of a stablecoin. For example, it avoids the regulatory pressure around more volatile and decentralised cryptocurrencies, such as Bitcoin and Ethereum. Customers may rest easy knowing that the amount they maintain in their wallets will always be the same. As a regulated money-transfer service, PayPal is a natural match for this product.
The cryptocurrency’s original name, PayPal Coin, was uncovered earlier this year by Steve Moser, a developer. He also disclosed in November 2021 that the PayPal App’s code had references to possible interoperability with the NEO cryptocurrency.
NEO (formerly known as Chinese Ethereum) is a smart contract that operates primarily in China. It gained a lot of traction during the 2017-2018 boom, owing to its promotion as the first Ethereum killer. However, he did not succeed in winning the hearts of investors in the years that followed. It is now placed 69th in the cryptocurrency market capitalization rankings.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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