PayPal Is Going to Launch Its Own Cryptocurrency and Blockchain

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By Inside Bitcoins Ali Raza|

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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