Bitcoin, PayPal (pixabay photo)
Will we soon be able to shop through PayPal without paying conversion fees between different state currencies? The company is considering launching its own cryptocurrency, Bloomberg reported on Saturday.
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The information that led to this conclusion came from a developer named Steve Mozer, who recently discovered in the app code hints that PayPal is working on a currency called PayPal Coin. He even found the symbol that had already been designed for the coin – PayPal’s double P letter, in blue and light blue, with two vertical lines on it, as is the case with many cryptocurrencies.
After Moser shared the evidence with Bloomberg, they approached the company with a request for comment. A company spokesman claimed that the clues he found strange did not indicate anything, because they were “remnants” of the company’s acton in the field of crypto, and they did not indicate the company’s intentions. On the other hand, Joe Fernandez de Ponte, senior vice president of cryptocurrencies and digital at PayPal, actually confirmed that “we are testing a stable currency. If and when we decide to go for it – of course we will work closely with the relevant regulators.”
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A stable currency, or StableCoin, is a cryptocurrency whose value is linked to a national currency – usually the dollar. There are already quite a few such currencies today – the three big StableCoins are Tether, USD Coin and Binance USD, which are in 3rd, 6th and 15th place in the market share table as of today (Sunday), but there are many more. Most often, they constitute an intermediate stage on the way from regular money to cryptocurrencies: the user buys a stable currency in his national currency, then transfers the investment from the stable cryptocurrency to the various digital currencies and back as he wishes.
The launch of a stable PayPal currency could shake up the market. Today there are many complaints about the major currencies in the market, and especially doubts about the way they are “backed up” with real value. In addition, it will allow payments at lower fees than ever before – since you do not have to pay financial services companies for currency exchange, but only the small fee that costs money to transfer in a blockchain.
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