PayPal is bringing cryptocurrency services to their users that will allow people who use PayPal as a payment option safe transactions of all types. This move by the company could signal turning tides in crypto and blockchain, which have not been welcomed into mainstream finance so far.
PayPal is looking to embrace all possible crypto and blockchain services. They have already created a cryptocurrency, and they are now working on creating their own blockchain. Read more in detail here: paypal crypto.
According to a top official at PayPal, the company is working hard to integrate all conceivable blockchain and cryptocurrency interfaces into its services.
PayPal vice president Richard Nash stated in an exclusive statement to Cointelegraph on May 23 that the company is working hard to offer all potential digital services, including digital currencies and central bank digital currency (CBDC).
PayPal continues to extend its digital currency-related product after launching its buy, hold, and sell service for Bitcoin (BTC) throughout the United States in 2020. Nash observed:
“In some areas, I’m just travelling slowly in the crypto shield with buys or holds.” […] Looking to collaborate with others to embrace anything we can, whether it’s the coins in PayPal digital wallets now, private digital currencies in the future, or CBDCs.”
Nash also implied that he is a bitcoin owner, which fits in well with his PayPal position. “I have a lot of things that I’m working on at PayPal and I want to try services myself so I believe that’s normal,” the VP said when asked whether he owns any bitcoin.
PayPal CEO Dan Schulman said that Bitcoin is the only cryptocurrency he owns as of November 2019, according to Cointelegraph.
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PayPal, one of the world’s biggest payment firms, has just entered the crypto and blockchain space. In March 2021, PayPal unveiled its own crypto check-out service to enable retailers to accept crypto payments, in addition to offering BTC purchase and sell options in specific areas. PayPal is also said to be contemplating establishing its own stablecoin, PayPal Coin.
PayPal is looking to embrace all possible crypto and blockchain services. This has been a long time coming, as the company has been slow to adopt new technologies. Reference: is paypal doomed.
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