The trusted internet payment system is reportedly exploring its own stable cryptocurrency.
PayPal is reportedly considering launching its own cryptocurrency backed by the US dollar as the venerable online payment company continues to integrate ways to engage with digital coins on its platforms.
The company is just exploring the idea of releasing its own stablecoin, a cryptocurrency backed by and linked in value to an existing currency, PayPal confirmed to Bloomberg. Developer Steve Moser dug around in the PayPal app and discovered evidence that the company was tinkering with a cryptocurrency called “PayPal Coin” backed by the US dollar.
Moser also found references to another cryptocoin, Neo, in PayPal’s iOS app, he noted on his site, The Tape Drive. PayPal currently supports buying, selling and holding Bitcoin, Bitcoin Cash, Ethereum and Litecoin cryptocurrencies.
PayPal started letting its US customers hold cryptocurrency in Oct. 2020, then enabled them to make purchases with supported cryptocoins from the platform’s 29 million merchants the following March. PayPal doesn’t charge fees for holding cryptocurrency, but it does charge a small transaction fee at or below 2.3%. The upside to using PayPal for cryptocoin purchases is the fraud protection it extends to purchases, just like those made with fiat currency on the platform.
It’s not clear how much PayPal has developed its stablecoin, though the code evidence, including a PayPal Coin logo found in the app, were the result of an internal hackathon, a company spokesperson confirmed to Bloomberg. Presumably, the name and details could change if PayPal moves forward with its cryptocurrency.
PayPal didn’t immediately respond to a request for comment.
________________________________
COPYRIGHT NOTICE. This article has been retrieved from a a public RSS feed made possible by the publisher following common practices and in compliance with applicable laws or has been published by a third party. All efforts have been made to properly cite the resource and provide links directly to the article or source. All images displayed are via deep linking only. If you have a concern with any content provided herein, or wish to contact us about any copyright issues or to make a DMCA claim, please use our contact form to get in touch.
________________________________
If you’re interested in learning more about how to safely invest in crypto, why not sign up for the course?
0 comments