PayPal wants to launch its own cryptocurrency

PayPal wants to launch its own cryptocurrency
PayPal Coin could be the next project that the electronic payments giant will introduce to the world soon.

Why does stablecoin make sense for PayPal?

The development of stablecoin gives PayPal certain benefits. For example, it avoids the regulatory pressures that exist around more volatile and decentralised cryptocurrencies, it gives customers peace of mind that the amount they hold in their wallets will have the same value over time. It is also better aligned with the business model of PayPal, which is essentially a licensed money transmitter.

Work on the PayPal coin was started earlier this year by developer Steve Moser, who also revealed in November 2021 that the PayPal app code contains references to possible compatibility with NEO cryptocurrency.

NEO is a smart blockchain developed primarily in China and known as “Chinese Ethereum”. It enjoyed a lot of popularity during the 2017-2018 boom. However, it failed to attract public attention in the following years. It currently ranks 69th in the TOP 100 cryptocurrencies with the largest market capitalisation.

19/01/2022 – Mr.Advice NEWS

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