PayPal Coin

2022: Cryptocurrency Announcement

In early January 2022, PayPal announced its cryptocurrency. It was called PayPal Coin. The company intends to develop this project together with regulatory authorities.

As explained by Bloomberg senior vice president of cryptocurrency and digital currencies of the company Jose Fernandez da Ponte, we are talking about the so-called steablecone. Such cryptocurrencies are tied to existing currencies or another real asset, which helps stabilize their value.

PayPal announced its cryptocurrency

The agency notes that the creation of steablecoin provides certain advantages for PayPal. For example, such digital assets will avoid the regulatory pressure that exists regarding more volatile and decentralized cryptocurrencies, and will also give customers confidence that the amount they hold in their wallets will have the same value over time. Stablecoin is also better suited to the PayPal business model, which is essentially a licensed money transfer.

Recently, before the announcement of PayPal Coin PayPal, the company showed high activity in the cryptocurrency region. So, the number of cryptocurrencies that customers can purchase was increased, as well as invested in training cryptocurrency users and work was carried out to allow them to safely withdraw their digital currency to third-party wallets.

The admission of cryptocurrencies to the PayPal and their adoption by other institutional investors became one of the reasons for the new increase in the value of cryptocurrencies, especially Bitcoin.

The fact that PayPal is developing its own steablecone first became known in September 2021. Then the publication CoinDesk, citing its informants, wrote that the creation of this project is being carried out by a subsidiary of Curv.^[1]

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