Paypal has been showing interest in participating in the crypto sector for a few years now. First, they started by developing a platform to buy crypto. Therefore, nowadays, PayPal Holdings has officially announced its intention to develop its stablecoin, PayPalCoin.
In this article, you will discover the latest information about PaypalCoin and other Paypal’s developments
PayPalCoin: Paypal’s Stablecoin will be Launched
PayPal is considering launching its stablecoin as the company grows its cryptocurrency business. In September, the company had already assured that the subsidiary, Curve, was actively working on the development of a cryptocurrency.
Paypal’s senior vice president of cryptocurrencies, Jose Fernandez da Ponte, said: “We are researching a stablecoin; if and when we seek to proceed, we would, of course, work closely with appropriate regulators.”
According to Da Ponte, a stablecoin should be able to support large-scale payments while maintaining network security, and he ends by saying: “There would need to be clarification on the regulation, regulatory structures, and the kind of licenses required in this space.”
Developer, Steve Moser, discovered code for PayPalCoin in the PayPal app. His discovery showed that PayPal is developing PayPal Coin. This digital currency will be backed by the US dollar.
— Bitcoin News (@BTCTN) January 9, 2022
Benefits of PaypalCoin
Currently, PayPal depends heavily on existing payment rails by connecting a PayPal wallet to bank accounts and credit or debit cards. The average transaction fee to PayPal is 0.81$ of the transaction value. However, using credit and debit cards costs the company more than them or a to use the PayPal balance.
Therefore, if PayPal has its own stablecoin, the fees should decrease and end up being similar to those of a PayPal balance.
It’s important to say that most centralized businesses do not upload every transaction on the blockchain. Nevertheless, with a stablecoin, PayPal will receive money faster than with debit or credit cards.
More About Paypal
On the other hand, PayPal has made proactive steps to expand crypto-related services in jurisdictions other than the United States. Therefore, the company has announced the launch of new Bitcoin trading services for the United Kingdom market in September 2021.
ICYMI: PayPal launches crypto trading service in the UKhttps://t.co/MJvYZ8ANHp
— The Block (@TheBlock__) August 23, 2021
Nowadays, users can trade popular cryptocurrencies in Paypal such as:
- Bitcoin (BTC)
- Ether (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
Also, for more great info, join us on Telegram to receive free trading signals.
Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.