PayPal seems to continue to be interested in investigating the blockchain ecosystem and its potential advantages, this time launching its own asset. Evidence of the development of a possible stablecoin of the company has been found in the code of its iOS application.
PayPal has become one of the companies originating outside of digital assets with the greatest interest in cryptocurrencies. Traditionally, the company has been dedicated to operating an online payment system offering an alternative to traditional payment methods, but now it seems that the administration has set its eyes on digital assets.
At the end of 2020 PayPal began to manage the purchase, sale and storage of cryptocurrencies for users in the United States. This was one of the biggest revelations of the year for the crypto ecosystem, however this did not stop there.
At the time of its departure PayPal only allowed the purchase of assets and the exchange of them between users of the platform, but from 2020 until now they have been updating their service. Currently, PayPal allows payment with cryptocurrencies in available stores , the application is responsible for converting assets to fiat for payment.
On the other hand, PayPal is also solving one of the main drawbacks of its system, not being able to move assets outside of its network. PayPal allows the purchase of assets, but if you want to refer them to a third-party platform, this is impossible. To try to solve this problem, PayPal is developing its own wallet , through which you can trade with third-party platforms.
PayPal would be working on a stablecoin
PayPal’s efforts to continue expanding in the blockchain ecosystem seem not to have been left alone with asset trading. The company appears to be developing its own stablecoin, which appears to be in a fairly advanced stage of development.
Last Friday, Bloomberg reported what appeared to be the first indications that PayPal would be preparing to launch its own stablecoin. The tests were found by analyzing the source code embedded in the PayPal application belonging to the iOS operating system.
In the code itself there is a section with the name ” PayPal Coin “ , which had its own logo . Unfortunately, the information that this section could contain is not known, but a PayPal representative explained that this part of the code was developed during an internal hackathon .
José Fernández da Ponte , PayPal’s senior vice president of digital currencies, spoke with Bloomberg about creating a possible stablecoin of his own.
“ We are exploring a stable currency; if we look to move forward, of course, we will work closely with the relevant regulators . ‘
Everything indicates that PayPal intends to keep its intentions hidden to avoid a possible negative response from a part of its community. Currently, there are still many people who do not trust digital assets and prefer to stay away from them. This will not put a damper on PayPal, but avoiding any negative publicity or criticism is always key for companies at this level.