PayPal May Soon Launch Its Own Cryptocurrency, “PayPal Coin”
PayPal, the online payment giant, is reportedly exploring the possibility of launching its own cryptocurrency. The cryptocurrency in question is a stablecoin, backed by the US dollar, and called “PayPal Coin”. Developer Steve Moser discovered evidence of the cryptocurrency’s existence in the PayPal app, finding references to it, although the company confirmed that it is just considering the idea.
PayPal already supports several cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The addition of its own cryptocurrency would be a significant development for PayPal, which has been embracing digital coins in recent years. The company started allowing US customers to hold cryptocurrency in 2020, and it later enabled them to make purchases with supported cryptocoins from the platform’s 29 million merchants.
One of the benefits of using PayPal for cryptocoin purchases is the fraud protection that the platform extends to purchases, just like those made with fiat currency. The company charges a small transaction fee at or below 2.3%, but it doesn’t charge any fees for holding cryptocurrency.
It’s unclear how far along PayPal is in the development of its stablecoin, but the discovery of the PayPal Coin logo in the app suggests that the company has made some progress. A spokesperson for the company confirmed that the logo was the result of an internal hackathon, and that the name and details of the cryptocurrency could change if PayPal decides to move forward with the project.
The addition of PayPal Coin to the platform would make it easier for customers to buy, sell, and hold cryptocurrency, while also providing an extra layer of security and protection against fraud. It remains to be seen whether PayPal will move forward with the project, but the company’s continued integration with digital coins suggests that it sees a bright future for the technology.