Paypal before the integration of Ethereum, Polkadot, Solana, Algorand and NFT? The mainstream market acceptance of cryptocurrencies has led many traditional payment channels to open up to new asset classes. Big payment providers like Visa, Mastercard, and digital payment platforms like Paypal are starting to add crypto support. However, these important integration decisions are not unfounded; they are the result of an optimistic market sentiment.
In one Podcasts Recently, PayPal‘s senior vice president and general manager of blockchain, cryptocurrency and digital currency, Jose Fernandez, commented that PayPal’s decision to offer crypto services was based on the convergence of factors such as the huge demand from users and merchants to use cryptocurrencies as a coupled payment instrument to use with clear regulation of the legitimacy of the industry.
“We see it as part of our responsibility to make this asset class more accessible to the public.”
During the third quarter earnings report, they also announced their plans to upgrade their crypto offerings in the near future.
The rumors about the issue of “authentic” stablecoins were vehemently denied by the operator. He said the sector has not yet developed enough to support large transaction volumes and small transaction values.
Most of the stablecoins on the market right now are used to trade or participate in DeFi. He admits that while these are good use cases, he insists that PayPal is more interested in payments and “we haven’t seen a stablecoin for payments yet”.
All hope is not lost, however, as the platform is actively pursuing new Layer 1 and Layer 2 blockchains that focus on large payments, such as Ethereum, Polkadot, Solana and Algorand.
“I’m sure if you ask me in six weeks I could give you four or five other names. How interesting is that. ”
In addition to cryptocurrencies and stablecoins, NFT is another area in the industry that PayPal has shown interest in. This area is booming and growing strongly this year. Fernandez stressed “our role in the NFT” he hopes for, adding that a number of problems still stand in the way of this integration.
“Today’s NFT buying experience takes you through many steps … The same goes for the protection side. So it’s still not the right experience for the curious but inexperienced user. ”
Complicated technical problems encountered in purchasing and holding NFTs can prevent many users from interacting with the field. Fernandez emphasized:
“We certainly have a role to play in delivering a seamless NFT payment experience to many of our merchants and partners, especially where the media industry demands it.”
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