PayPal is working on its own cryptocurrency: PayPal Coin


If the market crash worries you and you think the crypto industry is dead, you may want to change your mind. PayPal, the global electronic payment giant, is working on developing its own cryptocurrency. PayPal is exploring the development of a stablecoin, which could be pegged to the US dollar, although there is no word on a roadmap for the project. Speaking to Bloomberg News, Jose Fernandez da Ponte, Senior Vice President of Cryptocurrencies and Digital Currency at PayPal, revealed that the effort is just a poll, but very serious, although not yet. any specific plan for actual implementation. However, he assured that if approved, the coin would meet all the necessary regulatory standards: We are exploring a stablecoin; if and when we look to move forward, we will, of course, work closely with the relevant regulators.


The development of stablecoins brings certain advantages to PayPal. For example, it avoids the regulatory pressures that exist around more volatile and decentralized cryptocurrencies, it gives customers peace of mind that the money they hold in their wallet will be the same price. treatment over time. It also fits better with PayPal's business model, which is essentially a licensed money transmitter. PayPal Coin, the cryptocurrency's tentative name, was discovered earlier this year by Steve Moser, a software developer, who in November 2021 also revealed that the code of the PayPal App has a reference to the ability. compatible with NEO cryptocurrency. NEO is a smart contract blockchain developed mainly in China and is known as the Ethereum of China. It was very popular during the 2017-2018 boom, mainly because it was promoted as one of the first Ethereum killers. However, it did not attract public attention in the following years. It is currently ranked 69th in the TOP 100 cryptocurrencies with the largest market capitalization.


PayPal's staking is the next step in the company's interest in the world of crypto. Peter Thiel warned in 2021 that Bitcoin could be China's financial weapon and called for the promotion of crypto research and development in the United States so as not to fall behind in the race for market dominance. cryptocurrencies and digital assets. In 2020, PayPal announced the purchase of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash and has since expanded its service, allowing the purchase and sale of cryptocurrencies. And it's also important to note that PayPal is a founding member of the Libra Association, a Facebook-led initiative to create a cryptocurrency controlled by several large corporations. The project ultimately failed, but PayPal seemed willing to learn from Facebook's mistakes to successfully launch its own coin.

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