September 30, 2022

PayPal Considering Launching Its Own Cryptocurrency, ‘PayPal Coin’

2 min read

s PayPal Creating Its Stablecoin as Crypto Business Grows

The Coindesk has verified that PayPal( PYPL)is all set to release its steady coin as it is attempting to flex its muscles in the Cryptocurrency market. The PayPal subsidiary Curv has been preparing the ground for the launch of the stablecoin since September.

Bloomberg first reported that PayPal is exploring the possibility of launching its very own stablecoin. The information of the steady coin were accidentally discovered in the business’s iPhone by developer Steve Moser and shown Bloomberg. Covert code and images revealed details of a ‘‘ PayPal Coin.’In addition, the codes revealed that the U.S. dollar would back the stable coin, Bloomberg noted in its report.

PayPal has been extremely active in the cryptocurrency arena and has likewise increased the limits of crypto its customers can buy and buying educating its users on crypto. In addition, it has also allowed its customer base to withdraw its crypto securely to third-party wallets.

PayPal trivializes the concealed code in iPhone

However, PayPal’s spokesperson has attempted to trivialize the issue and stated it was hemmed from a current internal hackathon. A hackathon is an event that imagines engineers’ team up quickly to explore and construct new items that might never ever see a public release.

PayPal is one of the biggest international e-commerce payment platforms. It came into existence in 1998 and was established by Peter Thiel, Luke Nosek, and Max Levchin. Originally called “Confinity Inc.” Later it combined with dogecoin advocate Elon Musk’s electronic banking company “X.com” in 2000 and rebranded to “PayPal” a year later on.

In 2002 it was acquired by online market giant eBay for $1.5 billion and ended up being the default payment technique for its 185 million users. In 2015 separated itself from its parent business and ended up being a different publicly-traded company using the same PYPL ticker sign it had prior to the eBay acquisition.

Today PayPal is the 54rh largest company worldwide and has more than 377 million users worldwide. It has a market cap of $282.58 billion. During Q4, 2020, the platform processed 3.47 billion deals worth a combined worth of $277 billion.

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