As the venerable online payment business continues to incorporate methods to connect with digital currencies on its platforms, PayPal is apparently contemplating introducing its own cryptocurrency backed by the US dollar.
PayPal acknowledged to Bloomberg that it is considering issuing its own stablecoin, a cryptocurrency backed by and tied in value to an existing currency. Developer Steve Moser went inside the PayPal app and found evidence that the corporation was experimenting with a cryptocurrency dubbed “PayPal Coin” that was backed by the US dollar.
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On his website, The Tape Drive, Moser discovered allusions to another cryptocoin, Neo, in PayPal’s iOS app. PayPal presently enables the purchase, sale, and storage of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
In October 2020, PayPal began allowing its US clients to retain cryptocurrency, and in March of the following year, they were allowed to make purchases with supported crypto coins from the platform’s 29 million merchants. PayPal does not charge a fee for storing cryptocurrencies, although it does charge a tiny transaction fee of 2.3 percent or less. The advantage of utilizing PayPal for crypto coin transactions is that it provides the same level of fraud protection that it does for purchases made with fiat money on the platform.
It’s unclear how far PayPal has progressed with its stablecoin, while a corporate spokeswoman stated that the code evidence, which included a PayPal Coin logo in the app, was the product of an internal hackathon. If PayPal pushes ahead with its cryptocurrency, the name and features are likely to change.
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