Meltem Demirors, the chief strategy officer at CoinShares, noted that the payment giant might have its own cryptocurrency soon.
PayPal to Harness Power of Crypto With its Own Token
Payment processing giant PayPal announced supporting cryptocurrencies in its network to give the crypto users flexibility and ease to use their digital assets for shopping and payments. The crypto industry welcomed the highly popular financial firm’s decision and considered it a breakthrough for the world of digital currencies.
As reported across the various leading crypto journals, PayPal can give a mammoth stimulus to the industry and open doors for mass adoption of currencies like Bitcoin. PayPal is the most popular payment service provider that allows users to send and receive money across borders using a highly secure gateway. Online shopping portals and marketplaces use PayPal for funds transfers across the world. With more than 346 million accounts, the integration of digital currencies in the PayPal network can lead to massive exposure for cryptocurrencies. The company would harness the potential of the crypto industry and increase its footprint in the financial services space with its own cryptocurrency.
A Warmup for PayPal Users
Bitcoin price surged over $13K after PayPal announced onboarding Bitcoin on its network.
The Chief Strategy Officer at Coin Shares said that the company could soon be entering the markets with its own cryptocurrency. She noted that it could be as soon as next 6-12 months, and PayPal may be using its support: for Bitcoin and other cryptocurrencies as a warmup before its own currency is introduced. The customers would get hands-on for using cryptocurrencies, and when paypalreleases its own token, the transition would be more comfortable. The payments giant announced that the users can now buy and sell crypto tokens on its platform directly.
The users would only buy and sell crypto through their PayPal accounts; however, they would not withdraw the digital assets. Since there is no cryptocurrency coming out of PayPal account, the company may eventually launch its own token.
PayPal Extends Crypto Support on Venmo App
Deminors also said that PayPal pulled out of the Libra Association, indicating that the PayPal flagship token is underway, which would be like the digital dollar.
Deminors talked about the same in an interview with CNBC. She noted that PayPal is providing support for buying and selling crypto in Venmo App, which specifically targets the young millennials who are potentially highly interested in Bitcoin. The company is also not charging any transaction or service fee on the crypto exchanges till Dec 31.