By Shelly Melancon (Switzerland)
The world’s leading online payment platform, PayPal, has revealed its crypto and blockchain services plans. According to Michael Nash, Vice President of PayPal, the company will begin offering crypto services in the future.
Digital financial services payments are rising, and PayPal appears to be in the running as a new entrant. The popular payment platform has been an established player in the online payment space for some time now.
Digital Payment Service Coming to PayPal
PayPal’s vice president disclosed the latest development in a chat with Cointelegraph at the World Economic Forum (WEF). According to him, PayPal is putting in tremendous efforts to provide digital financial services across its platform.
Meanwhile, the latest development came just two years after PayPal rolled out a similar service to Bitcoin across the United States. The new plan would include digital currencies alongside central bank digital currencies (CBDC).
However, Nash has silenced his critics by showing that he knows the workings of the industry. The PayPal Vice President revealed his personal view and experience with cryptocurrency.
Some questioned Nash about whether he has any holdings in cryptocurrency, which he answered with a hint but not a definite answer. It seems Nash is the only top executive with some experience in cryptocurrency.
Cointelegraph has previously reported that PayPal’s CEO, Dan Schulman, is a BTC holder. And that PayPal is working on launching its own stablecoin dubbed “PayPal Coin.”
Also read:PayPal’s Continuous Crypto Talks
The online payment giant has never hidden its admiration for digital currencies and has countless times talked about it. PayPal’s acceptance of digital tokens has sent waves of excitement to crypto enthusiasts worldwide.
Given its client base, the platform has what it takes to achieve even wider crypto adoption and use.
PayPal has a strong security network, making it a good platform for preventing scams. The platform can check for crypto scams and other illegal activities.
Previously, the online payment giant developed a unique wallet for deposits and payments for services to merchants. The upcoming cryptocurrency services will be an added benefit for both the platform and its users.
PayPal’s Vice President in charge of crypto and digital services, Jose Fernandez da Ponte, confirmed the move to CoinDesk. Ponte revealed that the growing demand for cryptocurrency spurred the company’s latest action.
Once PayPal introduces cryptocurrency across its platform, users can use it as payment. Moreover, the rise in crypto acceptance means closing income gaps in some countries.
Ponte believes that PayPal will bridge the gap between online and digital payments once the platform offers digital token services. According to Ponte, success depends on providing answers to existing problems and developing new systems.
From offering online payment services to millions of individuals and merchants worldwide to adopting crypto services, PayPal has evolved.
The crypto space presents huge prospects for service providers, and PayPal can make the most of it.
It will be interesting to see how far the platform can go to attract more clients with its latest move.
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