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PayPal Now Interested In NFTs?

Many traditional finance companies and payment platforms are beginning to integrate cryptocurrencies and digital assets into their services and options to customers. These platforms include Visa, MasterCard, and PayPal. The market influenced these moves with the clamor for cryptocurrency adoption.

PayPal’s Senior Vice President and the man in charge of everything cryptocurrency and digital assets, Jose Fernandez, disclosed that PayPal’s integration of cryptocurrency resulted from mounting demand from customers and a clear understanding of the position of the law on the use of the currency. In addition, they felt they had a part to play in making digital assets easier to access. The move started in October last year.

PayPal’s Interaction With Cryptocurrency Till Date

The company offered options for users to trade and hold cryptocurrencies on the platform. In its quarterly report, it also expressed its interest to add to the assets currently provided. There were even rumors that the company was going to roll out its stablecoin

The Senior Vice President has come out to deny these claims. He believes that the industry was yet to have a framework to support one for the type of transactions the firm engages in. Stablecoins in the blockchain industry has mainly been created for trading and decentralized finance, not payments. 

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The company is, however, looking at Layer-1 and Layer-2 projects that are centered on allowing payments at a large volume. He believes the industry is moving fast, and the rate at which new projects are springing up is fascinating. PayPal is not looking at just the cryptocurrencies in this exciting world of blockchain technology.

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PayPal’s Interest In NFTs

Recent reports indicate the company is also looking at NFTs. The new digital assets have blown up in just a short while. The PayPal executive believes that they can create a niche for themselves within the space. He has high hopes for such an integration, as well as expressing the current hurdles before it. He believes there is still a lot that can be done to better the purchasing process and security of NFTs

The difficulties in purchasing and holding an NFT, he believes, is something that can hinder mainstream adoption. He believes that they can fill the gap and make NFT purchases more efficient and user-friendly. All of this information comes when the company is gearing up to face a lot of competition.

Increasing Competition In The Payment Processing Space

People are beginning to rely more on digital transactions and online stores to carry out payments and make purchases. This trend was further encouraged by the pandemic in 2020. The shift also meant more investments pouring into the sector to build platforms that could conduct these transactions.

An analyst noted that PayPal, which is known for pushing innovations and changing the ecosystem, might risk itself being disrupted. According to Bernstein’s Harshita Rawat, there is a concentration of e-commerce activity on Amazon and Shopify; from her data, these two alone make up at least 30 percent of the market. 

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Amazon, at the moment, doesn’t accept PayPal, even though it will be accepting Venmo in 2022. Shopify, on the other hand, is championing its payment platforms over PayPal. These hurdles lie ahead of the payment platform; its outlook towards digital assets might enable it to stay ahead of its competitors.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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