Having access to 325 million users across the world, the payments giant PayPal is doing its efforts to develop crypto gateway. In its letter to the European Commission, PayPal revealed its intentions regarding cryptocurrency as well as blockchain.
Reason of Leaving Libra Association
The letter confirms that the payments giant firm started working over cryptocurrency after Facebook announced its crypto project Libra last year. Rather than becoming Libra Association partner, the company preferred to leave it and focused on crypto development separately as PayPal said,” In 2019, PayPal initially signed a non-binding letter of intent to participate in the Libra Association with the intention of learning more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe.”
Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial services.
Not only the company is interested in providing digital currency services to customers, but it has also plan to step into the decentralized community by developing its own blockchain. The letter reads:
As such, PayPal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space. Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.
Blockchain in FinTech Space
One cannot deny the high productivity and potential of DLT technology. The praise and acceptance of blockchain technology by the global payments pioneer shows that the fintech industry is ready to use blockchain. In the future, more fintech companies will join the decentralized technology in one way or the other.
However, PayPal does not disclose which digital currencies it is going to support. But if they support Bitcoin and other leading cryptocurrencies, the crypto market cap will see a boom.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
