PayPal to launch its own Cryptocurrency, However project is not yet confirmed

Global e-payment giant, PayPal, announced that it is developing its cryptocurrency. Jose Fernandez da Ponte, the SVP of crypto at PayPal, revealed that the project is exploratory at the moment. However, he assures that if it is approved the currency will meet all necessary regulatory standards.

“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” said da Ponte.

The company has been exploring the development of a stablecoin, possibly pegged to the U.S. dollar. This opportunity can offer PayPal several advantages. For example, the company can avoid regulatory pressures associated with decentralized cryptocurrencies, customers are also assured that their money will retain its value over time.

Before Paypals’s announcement, a coin was discovered by software developer, Steve Moser. Last November Moser also revealed that the PayPal app’s code could be compatible with NEO cryptocurrency.

PayPal’s move to crypto is not a new development as the company announced a feature to buy BTC, Ethereum, Litecoin, and Bitcoin Cash last 2020. They have since expanded their services allowing for the sale of crypto to other countries.
The company is also a founding member of the Libra Association, an initiative led by Facebook to create a cryptocurrency controlled by several large corporations. Although the project failed, PayPal seems to be willing to learn from the experience to successfully launch its crypto.

Source: CryptoPotato