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TL;DR Breakdown
- PayPal to float its own stablecoin.
- Paypal interested in delving deeper into the crypto space.
Global payment giant, PayPal, has had a lot of interest in crypto recently. The firm is said to have started to explore the launch of its own stablecoin.
According to The Block, sources in PayPal have claimed the payment giants have visited industry experts and stablecoin protocol developers, hinting that Paypal may be leaning towards working with a third-party company.
Reportedly, Ava lab, developer of Avalanche blockchain, is one of the many companies the payment giants are looking to work with. Details regarding the other protocols the payment firm has been involved in discussions with remain sketchy for now.
A spokesperson of the firm told The Block that “PayPal continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space.”
What a PayPal stablecoin means for crypto
If the payment firm moves forward with developing a stablecoin, it means a significant amplification of its work in the crypto space.
Rumors have long circulated regarding PayPal’s stablecoin ambitions and it is seen as one of the best-known secrets in the crypto industry.
“It looks like they’re more likely to do something with an existing stablecoin partner rather than build something themselves because I think that that would get something to market faster, and I think that’s their primary concern,” one source told The Block.
Paypal and crypto
The firm has long declared its affiliation for crypto since 2020 when it announced that it would enable crypto buys and sells on its platform through a partnership with industry start-up Paxos.
The payment giant obtained a conditional license from the New York Department of Financial Services (NYDFS), allowing the firm to offer crypto buying and selling.
Since then, the firm has been moving to widen its scope of crypto products. They recently announced that they acquired a crypto-security firm and multi-party computation (MPC) start-up Curv.
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Muhaimin Olowoporoku
Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what’s happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.
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