PayPal Plans To Launch Own Cryptocurrency—Would You Buy In?
Reports have emerged that PayPal is planning on launching its own cryptocurrency, which will be backed by the US dollar.
The company confirmed to Bloomberg that it is looking into releasing a stablecoin—cryptocurrency linked in value to existing fiat currency—after developer Steve Moser discovered that the firm was experimenting with ‘PayPal Coin’ in its app.
According to CNET, PayPal currently allows its users to buy, sell, and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin cryptocurrencies, though Moser also found another coin, Neo, within the firm’s code.
At the moment, not much is known about the firm’s stablecoin, though the code came from an internal hackathon competition, as per CoinDesk. The name and details of the cryptocurrency could change if PayPal ever decides to officially launch it.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” a company spokesperson said.
[via CNET and CoinDesk, cover image via Ink Drop / Shutterstock.com]
