Market

PayPal will launch its own cryptocurrency – PayPal Coin?

Bloomberg first reported that PayPal is looking into the possibility of launching its own stablecoin PayPal coin. The details of the stablecoin were accidentally spotted on the company’s iPhone by developer Steve Moser and shared with Bloomberg. Hidden codes and images reveal details of a “PayPal coin”. In addition, the tokens suggest that the US dollar will support the stablecoin, Bloomberg noted in its report.

PayPal will launch its own cryptocurrency – PayPal Coin?

PayPal has been very active in the crypto space and has also increased the limit on cryptocurrencies that their customers can buy and invest in educating users about cryptocurrencies. In addition, it has also enabled its customer base to securely withdraw their cryptos into third-party wallets.

American fintech giant PayPal has reportedly confirmed its intention to launch its own stablecoin called PayPal Coin.

The development of an in-house stablecoin was first discovered in the source code of the PayPal iPhone app from developer Steve Moser.

However, it remains unclear how close PayPal is to the actual introduction of the PayPal coin. As reported by Bloomberg, this is what Fernandez Da Ponte, PayPal’s Senior Director of Cryptocurrency, said “A real stabilizing purpose for the payments has yet to be established.”

He added that “The right stablecoin should support large-scale payments and be secure.” According to the report, PayPal also needs “regulatory clarity, the regulatory framework and the type of license required”.

Over Paypal

PayPal Holdings Inc. (PYPL) is a US financial technology company that operates a global online payments system. This platform enables users to send, receive and make payments online.

Founded in 1998, PayPal Holdings Inc. is listed on the NASDAQ and reported sales of $ 21.45 billion in 2020.

In response to the increasing use of cryptocurrencies, PayPal entered the crypto space in late 2020. PayPal has over 377 million users worldwide. Nevertheless, 7 years passed from the idea to the product.

After PayPal’s successful foray into the crypto space, it may be less time for PayPal’s stablecoin to become a virtual reality.

Yesterday came the news that PayPal is planning to launch its own PayPal coin with US dollar support. The report notes that “evidence of PayPal’s research into building its own stablecoin was first found by developer Steve Moser in the company’s iPhone app.”

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and share information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice in any way. Your money, the choice is yours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

9 minutes ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

16 minutes ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

40 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

2 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

4 hours ago

This website uses cookies.