It's official, PayPal is working on its own cryptocurrency

In 2000, when Meta announced its Libra cryptocurrency project (which became Diem), PayPal was among the participating companies to this project. But ultimately, PayPal decided to back down by deciding to quit the Libra Association.

Nevertheless, the company is still interested in cryptocurrencies and the blockchain. Today, the online payment service already provides functionality to make payments in cryptocurrency (like Bitcoin or Ethereum ), as well as a way to ‘buy or sell it.

And apparently PayPal does not intend to stop there. Indeed, the company is also exploring the possibility of launching its own cryptocurrency. This, if launched, would then be a competitor to Bitcoin, Ethereum, as well as the future Diem digital currency of Meta and its associates.

PayPal Coin?

The information is revealed by an article published recently by Bloomberg. More exactly, PayPal would like to launch a cryptocurrency of the stablecoin type. It is a stable crypto, the price of which is pegged to that of a fiat currency like the dollar or a product like gold or another precious metal.

According to Bloomberg, evidence of the development of this stablecoin was discovered in the code of the PayPal application by developer Steve Moser. This code along with pictures suggest that the product could be called PayPal Coin. And its price could be backed by that of the US dollar.

Subsequently, the existence of this project was confirmed by the company. “We are exploring a stablecoin; if and when we seek to move forward, we will of course work closely with the relevant regulators ”, said Jose Fernandez da Ponte, vice president senior crypto and digital currencies at PayPal.

A representative of the company would also have indicated that the elements discovered on its application come from a recent hackaton organized within the blockchain division and cryptocurrencies. In addition, the logos and names used are not yet final. And PayPal’s stablecoin might therefore not be called PayPal Coin at launch.

In any case, if PayPal launches its own cryptocurrency, it will certainly be optimized for its services. As Bloomberg notes, in a podcast, Jose Fernandez da Ponte indicated that there is not yet a stabelcoin specifically designed for payments.

The company confirms the existence of this project while until now, the Diem project of Meta and its associates (which PayPal has left) has still not been launched. Moreover, to move forward, Meta ended up launching its crypto wallet Novi without Diem, in the USA and in Guatemala.

Instead of using Diem, it uses a stablecoin called USDP or Pax Dollar. In addition to supporting transactions in these two countries, Novi is also integrated with WhatsApp, which allows the instant messaging service to offer a function to send cryptos.