The America payment giant, PayPal has announced its intention to launch its own 'stablecoin' as it continues to integrate ways to engage with digital coins on its platform.
PayPal stated in an email Statement that growth in its crypto business led to the company's intention to launch its own stablecoin.
“We are exploring the possibility of launching a stablecoin; if and when we move forward, we will be working closely with relevant regulators.”
Developer,Steve Moser confirmed that the company found an evidence of PayPal exploration in its iPhone app that the company was tinkering with a cryptocurrency called "PayPal Coin." The code shows the coin would be backed by the greenback.
Developing a way to withdraw cryptocurrency safely to third-party wallets, PayPal has been very active in its crypto assets’ initiatives recently, increasing its customers’ access to crypto and educating its users about it.
According to report, the images and code inside the PayPal app came from an internal hackathon within the company’s blockchain, crypto and digital currencies division – an event where engineers quickly explore and build new products that may never see the light of day.
In October 2020, PayPal enabled it's customers to purchase supported cryptocurrency from the platform’s 29 million merchants and allowed US customers to store crypto assets.
In addition to not charging fees for holding crypto assets, the payment company charges a small transaction fee at or below 2.3% and guarantees quality security.
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