PayPal Explores the Launch of Crypto Coin
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Payment giant PayPal is exploring the launch of its own cryptocurrency stable coin, the company has revealed
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The comes after evidence of a coin was discovered inside the company’s iPhone app
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The company has disclosed that it will work with regulators ahead of the launch of the coin
PayPal is considering the launch of its own cryptocurrency, which is going to be a stable coin backed by the U.S. dollar.
The company confirmed this to Bloomberg after evidence of the crypto coin was found in the mobile app for iPhone.
According to Bloomberg, developer Steve Moser analyzed the app and discovered that company was working on a cryptocurrency called “PayPal Coin”.
The payment giant has shown great interest in the crypto industry recently, even supporting buying, selling, and holding Bitcoin, Bitcoin Cash, Ethereum, and Litecoin cryptocurrencies.
Read also: Google to Integrate Android With Windows PC
PayPal introduced a cryptocurrency wallet for its US customers that allows them to hold cryptocurrency in October 2020.
In March 2021, it further developed an initiative that allowed customers to make purchases using supported cryptocurrencies.
At the moment, it remains unclear how far the company has gone with its stable coin or if it intends to eventually roll it out.
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