PayPal is ready to take a deep dive into the world of cryptocurrency as it looks to launch a stable crypto.
Reports have emerged recently suggesting that PayPal plans to bring out its own PayPal Coin, which will be endorsed by the US Dollar. As of yet, it is unclear when exactly the PayPal Coin will be launched, however, it seems to be in the pipeline.
It is also thought that PayPal would need to provide some “clarity on regulation”, and the regulatory frameworks it intends to operate within.
However, unlike other virtual currencies, such as Bitcoin and Litecoin, PayPal’s proposed stablecoin is linked closely with the US Dollar, and therefore, its value is more tangible.
Should this go through, the stablecoin would be the first of its kind, as Jose Fernandez, who is PayPal’s senior vice president of crypto and digital currencies, suggested there isn’t a stablecoin out there that isn’t “purpose-built for payments”, and it would need to “support payments at scale and have security”.
Currently, you can use PayPal to secure cryptos, such as Bitcoin and Litecoin, and transactions can be carried out effortlessly through the app and the website, and there are also guides to help beginners.
But PayPal’s step into the world of cryptocurrencies is a significant step. For years, PayPal has become one of the most trusted and secured payment platforms for consumers who wish to shop online, as well as businesses who use it regularly to carry out deals. PayPal, in many respects, is a more traditional payment method like credit and debit cards, such as Visa and Mastercard. PayPal has tried to steal a march on their rivals in many industries, including online casinos. While e-wallets and cryptocurrencies are starting to hold more sway, PayPal is still considered to be a reliable and safe option for online casinos. Experienced PayPal casino sites, such as LeoVegas and 888Casino, have PayPal listed as an option for players to make deposits into their account as well as withdrawals. At sites such as these, PayPal provides fast processing times for withdrawals, and they are usually included as a payment method for any welcome or existing promotions advertised.
Of course, PayPal’s prospective move into the fascinating world of cryptocurrency is a bold one, however, it seems to be well thought through.
To a certain extent, it could well end up being a game-changer for the company, which has always tried to portray itself as a forward-thinking and digitally savvy company.
PayPal wants to provide a feasible option for those who would prefer to use other cryptocurrencies as opposed to the likes of Bitcoin, Ethereum, and Litecoin.
There may be a few regulatory and other legal obstacles for PayPal to jump through before stablecoin gets the official green light.
However, this news should be well received by those who use PayPal regularly, whether it be for consumer or business needs. The next few weeks and months will be an exciting time for PayPal, and we can’t wait to see what happens with stablecoin.