• Tue. Aug 2nd, 2022

PayPal can launch its own digital currency

Online payments giant PayPal is launching a stablecoin that can be pegged to the US dollar. The new token’s default logo already appears in the platform’s app icon.

“We are exploring a stable cryptocurrency. If and when we look to move forward, of course we will work closely with relevant regulators, ”PayPal’s vice president for crypto and digital currencies told Bloomberg. José Fernandez da Ponte, without giving more details on the initiative.

It was developer Steve Moser who discovered the logo and name of the new cryptocurrency, PayPal coin, in the source code of Implementation for the iOS platform.

The supposed digital asset logo is not much different from the PayPal logo itself and is accompanied by two horizontal lines. The symbol also indicates that the cryptocurrency will be backed by US dollars.

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The platform spokesperson told Bloomberg that the data Moser discovered came from a internal hackingIn other words, an event where PayPal engineers explore and develop new products in the form of a concept. This means that the logo, name and characteristics of the cryptocurrency can always be changed.

In March 2021, PayPal allowed its US users to pay with bitcoin and other cryptocurrencies. At the time, the platform’s CEO Dan Schulman demonstrated the simple process of buying cryptocurrency online in a personal video.

PayPal isn’t the first tech giant to consider launching its own digital assets. For example, the company Mark Zuckerberg, dead (formerly Facebook), co-developed by A stable currency He called Diem, although in December the project manager, David Marcus, had left the company.

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