PayPal develops its own cryptocurrency

PayPal is working on its own cryptocurrency. The online payment service already allows the use of bitcoins and ethereum to pay, and even to exchange them. But the company has no intention of stopping there.

PayPal has ambitions in the cryptocurrency sector! The platform already allows you to buy and sell digital tokens (UK only at the moment), or pay with them. But PayPal does not want to limit itself to that, and simply prepares its own cryptocurrency!

A stable coin for PayPal

It is not about directly competing with the stars of the market, such as Bitcoin or Ethereum, since PayPal is developing a stable coin. In other words, a currency backed by an existing currency (the US dollar or the euro) or other tangible assets. José Fernández da Ponte, the vice president in charge of the company’s cryptocurrency business, confirmed this to Bloomberg.

However, it is just a matter of exploring this opportunity. “If and when we want to move forward, we will work closely with regulators,” promises the leader. But the case appears to be growing rapidly: in fact, there are traces of “PayPal Coin” in the iPhone app, code as images (above). And a priori, this token will be backed by the US dollar.

PayPal explains that these references are the result of a hackathon between the engineers of the division in charge of the group’s blockchain and digital currencies. In other words, the logo, the name, and even the features are only temporary. José Fernández da Ponte clarified that the company has not yet found a stable coin that is interesting and robust enough for payments. For a service the size of PayPal, it is absolutely necessary that this stablecoin be perfectly secure.

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