PayPal plans to launch its own cryptocurrency for transactions

The cryptocurrency be the stablecoin type, so they will not be volatile.

PayPal has indicated that it is interested in getting fully into the world of cryptocurrencies , with the option of launching one of its own.

This was confirmed by José Fernández da Ponte, PayPal’s Senior Vice President of Cryptocurrencies and Digital Currencies , in a statement to Bloomberg News . “We are exploring a stablecoin. If we decide to move forward, we will of course work closely with the relevant regulators.”

PayPal Coin

This stablecoin, whose value will always be the same and will not enter the volatile market of the most famous cryptocurrencies , would have the name of Paypal Coin, according to developer Steve Moser, who also discovered its logo.

PayPal spokeswoman said the images and code within the app come from a recent internal hackathon, an event where engineers come together to explore and build new products that may never see a public launch. Upon confirmation of interest, they may not be the final model that we see in the market.

Fernandez da Ponte recently said that the company “has not yet seen a stablecoin that is specifically designed for payments.” For the use of PayPal, a stablecoin should support large-scale payments and have security, he said.

“There should be clarity about the regulation, regulatory frameworks and the type of licenses that are needed in this space,” he said.

The stablecoin, backed mainly by the value of the dollar, are of interest to technology companies. Facebook, now called Meta, keeps its own, Diem , while Visa also wants to launch a cryptocurrency of its own .