- PayPal could launch its digital currency -Meltem Demirors, Coinshare CSO
- Predicts that this could be in 6 to 12 months
An asset manager with Coinshares, Meltem Demirors, believes that PayPal could, in the nearest future, launch its native token or a digital currency for its burgeoning teeming users across the world.
Demirors made this statement during a session with interviewers on CNBC’s Fast Money program on the 21st of October 2021.
Demirors believes that PayPal embracing cryptocurrency will give the firm the much-needed impetus and the willingness to launch its digital currency that its users can use to carry out their transactions. She predicts that the financial institution giant could launch its digital currency in 6 to 12 months.
She also believes that the firm’s decision to extend its new crypto features to one of its flagship apps, Venmo, is a huge big deal. Venmo app currently has over 300 million active users who are mostly millennials. This class of users has been found to prefer crypto assets to traditional assets like gold, stocks, and bonds.
Also, several surveys have shown that millennials are more interested in having a digital asset than other older generations.
PayPal embraces crypto assets
Recently, PayPal announced its intention to integrate crypto features into its gateway system. This new feature would presently be available to only its users in the United States. Still, the financial institution plans to roll out this service to its international audience by early 2021.
Many experts have hailed PayPal’s announcement as a new dawn in the crypto market. Many believe that the firm’s entrance would motivate other financial institutions to get into the crypto industry as significant players.
PayPal had previously been involved in a significant crypto project as part of Facebook’s Libra Association. However, the level of scrutiny the Libra project generated forced its hands into backing out as it believed those regulatory backlashes could have an effect on its business.