PayPal Confirms Its Looking To Launch Its Own Cryptocurrency

As various companies explore the world of crypto, PayPal is reportedly considering launching its own stablecoin. After evidence was discovered corroborating the move within its iPhone app, the fintech company confirmed the reports, according to Bloomberg.

Stablecoins connect cryptocurrencies and government-issued currencies together, as their prices are fixed to a reserve asset, such as the U.S. dollar. It is more stable compared to other cryptocurrencies such as Bitcoin, for example, and develops into a form of digital currency that is more in line with everyday commerce.

A PayPal spokesperson told Bitcoin news site Coindesk in an email that “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”

PayPal has notably been quite operative in the world of cryptocurrency as of late. In Oct. 2020, PayPal customers were allowed to hold cryptocurrency and even permitted to make purchases with select endorsed coins a few months later.

PayPal debuted a feature for owners of Venmo credit cards to purchase crypto automatically in August.