The growing popularity of cryptocurrencies has continued to attract a lot of prominent fintech firms with PayPal coming off as one of the many.
American multinational financial technology company operating an online payments system, PayPal Holdings Inc (NASDAQ: PYPL) is on track to support or integrate all possible crypto products in the short to long term. Speaking to Cointelegraph at the World Economic Forum (WEF), Richard Nash, the company’s Vice President said the firm is working on a number of broad-based blockchain-linked integrations.
Beyond the current services digital currency services it provides, PayPal is exploring avenues by which it can support the majority of digital currencies as well as Central Bank Digital Currency (CBDC) on its platform. At the moment, PayPal has been allowing its customers in the United States and Great Britain to buy, sell and hold Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
“Just walking slowly in the crypto shield with buys or holds in certain jurisdictions. […] Looking to work with others to embrace everything we can, whether it’d be the coins that we have today in PayPal digital wallets, private digital currencies or CBDCs in the future,” Nash said.
Becoming a prominent player in the crypto ecosystem is a clear indication that you do not just believe in the future of digital assets, but you also trust in their capabilities in the short term. When asked whether he owns any crypto assets, Nash explained that the job he holds at PayPal and what is expected of him per the deliverables cannot necessarily keep him from experiencing crypto firsthand.
“I have a lot of things that I’m working on at PayPal and I like to experience services myself so I think that’s natural,” he said in response to the question posed to him.
While corporations are often required to disclose their business goals, PayPal seems to still be figuring out or perfecting the long-term push that will give it a very good headstart in the space.
PayPal and the Growing Fintech Embrace of Crypto
The growing popularity of cryptocurrencies has continued to attract a lot of prominent fintech firms with PayPal coming off as one of the many.
The place of cryptocurrencies as a cheaper and faster funds settlement system has been seen by many fintech companies as the future of payment and as such, many are no longer sitting on their oars as the industry evolves. PayPal has unveiled plans to become more involved in the crypto space with the plans of launching its own stablecoin dubbed PayPal Coin.
Nubank, a Brazilian fintech giant also recently announced it has integrated crypto trading on its app in partnership with Paxos. Besides, other key players including Revolut in the UK are also exploring avenues to support digital assets in a bid to make their platforms a one-stop-shop for all things financial service offerings.
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