Cryptocurrency and its associated Blockchain technology are finding wider acceptance around the globe. As a result, more and more industrial and financial entities are amenable to cryptocurrencies. The latest to enter the field is the payment platform PayPal according to cvbj.biz.
The company is exploring the best way to enter the crypto sector, and if the rumors are to be believed, there is even a hypothetical name and logo.
Cryptocurrency could benefit the investors
The cryptocurrency no longer is like what it was a couple of years ago. The extreme volatility is now reviewed, and the prophecies are more down to earth and based upon credible facts. Take the example of Bitcoin, which has lucky investors with the right analytical skills to make a decent profit despite its extreme volatility.
Therefore, one of the most crucial payment tools, PayPal, is left behind. However, it wants to become a significant player in the cryptocurrency arena and is working on its stable digital currency (stable coin).
A stable coin is pegged with fiat currencies and is much less volatile and credible than crypto tokens. PayPal is in the process of releasing its stable coin, and this is not a rumor since PayPal itself has confirmed this development to Bloomberg.
PayPal, wants to become a significant player in the cryptocurrency arena
Bloomberg has confirmed this news based on the data obtained from the latest version of the Paypal application for iOS by developer Steve Moser. The name of the PayPal stable coin appears in the code and a hidden image that shows the hypothetical logo you could have in this currency that the US dollar would back it.
José Fernández da Ponte, PayPal’s senior vice president of cryptocurrencies and digital currencies, confirmed to Bloomberg and said, “We are exploring a stable currency; if we seek to move forward, and when we do, we will, of course, work closely with the relevant regulators. ”
It is imperative to note that the image of the logo and the code where this information comes from within the iOS application comes from a hackathon of the internal team. Hackathon are events that enable company technicians to explore and create new products, products that are even analyzed. Still, it is not sure that they will end up appearing on the market. Therefore it is not sure if we can see the stable coin from PayPal, but the possibility is always there.