PayPal, a well-known international fintech corporation, reportedly expressed interest in “exploring” the possibility of developing its own stablecoin, which is a cryptocurrency tied to the value of fiat money or a reserve asset such as gold, silver, or another. precious metals. Developer Steve Moser noticed references to “PayPal Coin” within the company’s iOS app, which also included the PayPal logo. Stablecoins have grown in popularity as a way to simplify transfers between exchanges and the use of crypto in everyday business.
According to a Bloomberg report, PayPal’s senior vice president of cryptocurrency and digital currencies, José Fernández da Ponte, has validated Moser’s findings.
“We are looking for a stable currency,” Fernández da Ponte told Bloomberg. “Of course, we will cooperate closely with applicable regulators as long as we seek to move forward.” However, a corporate representative added that the code Moser discovered was the result of a hackathon and therefore should not be considered final.
PayPal began supporting the purchase of specific cryptocurrencies in late 2020 and added a “Pay with Crypto” option in early 2021, allowing customers to make purchases using their digital assets.
Bitcoin, Bitcoin Cash, Litecoin, and Ether are the only cryptocurrencies the company supports right now. However, according to Moser, the PayPal app has also revealed that it is trying to support the Neo cryptocurrency and is considering launching its own stablecoin.
PayPal announced plans for a distinct business unit for its crypto targets during an earnings call last year, which included working with regulators outside of the US market to accept new types of digital currency.
According to PayPal, the platform has approximately 375 million daily active users and 30 million merchants. While there is no price for holding cryptocurrency, customers will be charged for transactions and currency exchanges.
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Source: vtt.edu.vn