PayPal is working on its own cryptocurrency. The online payment service already allows the use of bitcoins and ethereum to pay, and even to exchange them. But the company does not intend to stop there.
PayPal has ambitions in the cryptocurrency sector! The platform already makes it possible to buy and sell digital tokens (only in the United Kingdom at present), or to pay with them. But PayPal does not want to limit itself to that, and simply prepares its own cryptocurrency!
A stablecoin for PayPal
There is no question of directly competing with the stars of the market, such as Bitcoin or Ethereum, since PayPal is developing a stablecoin. In other words, a currency backed by an existing currency (the US dollar or the euro) or other tangible assets. Jose Fernandez da Ponte, the vice president in charge of the company’s crypto business, confirmed this to Bloomberg.
Nevertheless, it is only a question of exploring this opportunity. ” If and when we want to move forward, we will work closely with regulators “, promises the leader. But the case seems to be growing rapidly: there are indeed traces of “PayPal Coin” in the iPhone application, code like images (above). And a priori, this token will be backed by the US dollar.
PayPal explains that these references are the result of a hackathon between the engineers of the division in charge of the group’s blockchain and digital currencies. In other words, the logo, the name and even the functions are only temporary. Jose Fernandez da Ponte clarified that the company has not yet come across a stablecoin that is interesting and solid enough for payments. For a service the size of PayPal, it is absolutely necessary that this stablecoin be perfectly secure.