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, PayPal Dare To Take Another Step In Its Cryptocurrency Offensive
, Introducing its own stablecoin for possible payment transactions
, Related details appeared in the source code of the PayPal app
PayPal has been interested in cryptocurrencies for a long time. Beginning in 2021, users in the United States and Great Britain will be able to buy, sell and pay for Bitcoin & Co through the payment provider.
Another crypto push
A source code analysis has now revealed further plans by PayPal in this area. Developer Steve Moser discovered evidence of another move in the cryptocurrency offensive in the payment provider’s app and shared it with Bloomberg. A hidden code and pictures show work on the so-called “PayPal Coin”. Accordingly, the company is now working on its own stablecoin, which should be covered by the US dollar.
A PayPal spokesperson said this was the result of a recent internal hackathon within the Department of Blockchain, Cryptocurrencies and Digital Currencies, as reported by Bloomberg. However, as new products are rapidly researched and developed during the hackathon, which may never be published as such, it is entirely possible that the name, logo, and design are not yet finalized.
planned close cooperation with the authorities
Jose Fernández da Ponte, Senior Vice President of Crypto and Digital Currencies at PayPal, recently confirmed the rumors again to Bloomberg: “We are exploring a stablecoin; if and when we make progress, we will certainly Will work closely with relevant regulatory authorities”. In a podcast recorded last November, Fernández da Ponte said that the company “has not yet seen a stablecoin designed specifically for payments,” Bloomberg quoted. Further: “There should be clarity about the regulation, regulatory framework and the type of licenses required in this area”.
However, it is still unclear whether PayPal will actually bring its stablecoin and when that might happen.
Finanzen.net Editorial Team
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