According to the industry leader, digital payments giant PayPal may be in the process of launching its cryptocurrency after officially entering the crypto industry.
Meltem Demirors, CSO of digital asset management company CoinShares, said it wouldn’t be surprised if PayPal released its token after the company announced its upcoming cryptocurrency support.
In an October 21 interview with CNBC Fast Money, Demirors stated that PayPal’s cryptocurrency could eventually become the basis for launching its cryptocurrency, saying:
“I wouldn’t be surprised if we see over the next six to twelve months that PayPal is launching its own digital currency, similar to the digital dollar that we see in many payment companies.”
Demirors said PayPal may be interested in launching its own token when the company officially leaves the Libra Association, the governing body for Facebook’s Libra digital currency project. PayPal, a member of the association when the project was launched in June 2019, left the initiative a few months later, saying they didn’t want the regulatory oversight of Libra to leak into their business.
Then PayPal CEO Dan Shulman said regulation and compliance are fundamental to PayPal as a trusted company around the world. He also mentioned that PayPal is developing a product that “does not necessarily compete with Libra.”
On October 21, PayPal officially announced that the company would provide the ability to “buy, store and sell” several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly from PayPal’s digital wallet. . With the new feature, PayPal customers will be able to use their cryptocurrency to shop at any of the 26 million PayPal merchants around the world as of early 2021.