Paypal is once again demonstrating its interest in cryptos and says it wants to diversify the forms of crypto-currencies allowed on its platform. Paypal is an American company known worldwide. It offers an online payment service system worldwide and serves as an alternative to payment by cheque or credit card.
Currently, payments in bitcoins (BTC), ethers (ETH) and litecoins (LTC) are allowed for Paypal’s American customers – at least those present on American soil – but also for its British customers since a decision of 23 August.
For some time now, the company has clearly shown its willingness to invest in the crypto industry. Of course, Paypal’s interest in cryptos is important given the popularity of the platform on a global level. Moreover, if Paypal eventually accepts the use of all cryptos on its platform, it would mean that any individual could keep all his cryptos there but also pay with them.
With this announcement, the popular global payment platform could eventually accept all forms of crypto currencies, without distinction. Richard Nash, vice president of Paypal, confirmed during a speech at the World Economic Forum that the (ideal) goal would be to “enable the use of all digital services on the Paypal platform”.
Paypal unveils plans to launch its own crypto
According to the reported words of Paypal’s vice president, Richard Nash, the platform is currently making numerous efforts to democratise the use of digital services on the platform.
“We are looking to work with others to encompass everything we can, whether it’s the coins we have today in our Paypal digital wallets, private digital currencies or central bank digital currencies (CBDCs) in the future.”
Richard Nash, World Economic Forum
Paypal is therefore keen to strengthen its position in the crypto market, just as Revolut is considering. A decision strongly encouraged by the fact that several executives of the platform hold crypto currencies themselves. Indeed, Richard Nash has implied that he holds some himself, and we already know that Dan Schulman, Paypal’s CEO, had admitted to holding some more than three years ago now.
In other news, the Paypal platform has announced that it will launch its own Stablecoin, which will be called “Paypal Coin”.
Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, crypto-currencies and digital currencies, confirms that Paypal’s path towards cryptos is a result of the growing popularity of crypto-currencies.
With Paypal’s goal to bring more and more innovation, this decision (if it comes to pass) is not surprising.
With this announcement, the popular global payment platform could eventually accept all forms of crypto currencies, without distinction. Richard Nash, vice president of Paypal, confirmed during a speech at the World Economic Forum that the (ideal) goal would be to “enable the use of all digital services on the Paypal platform”.
