PayPal Is Going to Launch Its Own Cryptocurrency and Blockchain
By Inside Bitcoins
This period is clearly one of the most exciting for the crypto world.
Even electronic payment behemoth PayPal is also getting in on some
crypto action. It was PayPal’s chief financial officer John Rainey who
made the startling revelations in an interview with Yahoo! Finance. Even
though the payment giant is also devoting some resources
to the development of cryptocurrency, Rainey stated that digital
currency is not going to be their major priority for now. He thinks
there is still more to be done regarding universal acceptance for
digital assets before they can fully roll out buy crypto with PayPal.
Bitcoin is Under Consideration
Even though other big brands like Fidelity were putting in a lot of
resources into crypto investments, PayPal had kept many in suspense by
almost ignoring the booming sector. This is despite the fact that Rainey
said that PayPal actually included Bitcoin as one of their payment
alternatives for merchants’ transactions long time ago on its PayPal exchanges.
Owing to the legendary instability inherent in the crypto market, what
retail dealers did was to change their Bitcoins into the more dependable
fiat currencies immediately. In short, the demand for crypto assets at
that time was not impressive enough.
PayPal Falling in Love with Cryptocurrencies – One Step at a Time
But the explanations given above is not to state that PayPal will not
have anything to do with cryptocurrencies. As a matter of fact, PayPal
has been following all the trends and major activities on the
cryptocurrency, and this is a practice the company has been engaged in
since 2015. The company’s chief financial officer revealed that they now
have teams sweating it out day and night working on its own blockchain
and cryptocurrency. This is because PayPal does not want to miss out on
the developments in the crypto world in the future.
PayPal famously made its first investment in blockchain at the
Cambridge Blockchain’s Series A funding round. On its own, Cambridge
Blockchain is doing all possible to provide solutions ep regarding the
fact that it has several Facebook scandals. On its own, Facebook has
shown a lot more ambition regarding having its own cryptocurrency. It is believed that Facebook is very close to launching its own cryptocurrency. It is expected to be a major rival to Bitcoin.
Whether PayPal is going to have a cryptocurrency
that will utterly dominate others or whether that distinction is going
to Facebook, no one can really say for now. However, what can be said is
that the fact that giants like PayPal and Facebook are devoting a lot
of resources into the crypto world is an indication that digital
currencies are going to be far more important in the future than they
are right now. In the coming days, it is expected the more brands will
also launch their own versions of the cryptocurrency. Before you know
what is going on, there will be so much acceptability for digital
currencies that they will eventually replace the fiat currencies.
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