PayPal, a popular multinational financial technology company, is starting to show interest in “exploring” the prospects of launching its own stablecoin. These stablecoins are cryptocurrencies that are pegged to fiat values or reserve assets such as gold, silver, etc.
This is after developer Steve Moser gave a statement via the company’s iPhone device with the name “PayPal Coin” which also featured the PayPal logo on the inside. Only then share the news with Bloomberg, to report it first.
Following Moser’s findings, Bloomberg said in a report that PayPal’s senior vice president for crypto and digital currencies Jose Fernandez da Ponte has confirmed the findings.
“We are exploring stablecoins,” said Fernandez da Ponte as quoted by Bloomberg. “If and when we seek to move forward, of course, we will work closely with the relevant regulators.” But a company spokesman also said the code Moser found was the result of a hackathon, so it was not considered final.
Supporting the ongoing development, PayPal actually started facilitating the purchase of certain cryptocurrencies in late 2020, and in early 2021 added a “Checkout with Crypto” feature. This is to allow users to buy goods with their digital assets.
Existing company support for cryptocurrencies is limited to Bitcoin, Bitcoin Cash, Litecoin, and Etherium. However, Moser said that the PayPal app also revealed that it works to support the cryptocurrency Neo, apart from exploring the possibility of introducing its own stablecoin.
Recently, PayPal has also made a lot of efforts to increase the amount of crypto that its users can buy. Apart from that, it also works to educate its customers and secure their crypto withdrawals to third-party wallets.
Bloomberg also reports that a PayPal spokesperson exposed hidden codes and images within the PayPal app from a recent internal hackathon. Hackathon is an event where engineers brainstorm together and develop new products for public release in blockchain, crypto, and enterprise digital currencies.