Crypto Trading Time Extension: PayPal Seeks to Release Stabilitécoin US Dollar.

Bulk Payments PayPal Holdings Inc. has announced that it is looking to launch its own stable coin as part of expanding its cryptocurrency business. The company confirmed the improvement after someone saw evidence of movement in the iPhone app.

"We are looking for a secure currency," Jose Fernandez da Ponte, general manager of crypto and digital services at PayPal, said in a statement to Bloomberg News. "We will work closely with management to move forward." Stablecoins are cryptocurrencies that are denominated and priced based on the value of an existing commodity or commodity.

Developer Steve Moser first saw evidence of the company seeking to create permanent coins in the PayPal app and shared that evidence with Bloomberg. Passwords and activity cards called "Paypal Coins". This policy states that this fixed part will be recovered in US dollars.

A PayPal expert said the photos and numbers for the PayPal app were recently provided by an internal hackathon. Experts can work together on blockchain, crypto, and digital services to quickly explore and create products that may not have been available before. to the public. This means that the final logos, titles and headlines will be changed when posted.

PayPal has made great strides in crypto over the past few months, introducing new features for buying and holding digital transactions and the ability to make purchases in these currencies.

In an Unchained podcast, Fernandez da Ponte recently said the company "has yet to see a stable fund specifically designed for payments." He also said that using PayPal requires secure coins to support large and secure payments.

"The rules, regulatory procedures and types of permits needed in this area must be clear," he said.

PayPal wasn't the first tech company to try to build its own digital wallet. Facebook CEO Meta Platforms Inc. helped create a stable fund called Diem, and Visa Inc. in recent months has allowed dollar coins to stabilize transactions on the network.

In fact, many major payment services, such as PayPal, have already changed their outlook on the crypto industry.

New York research firm MoffettNathanson said in a Dec. 16 statement that Visa, Mastercard and PayPal did not see the rise of the crypto industry as a threat and that everyone would continue to invest in it. crypto ecosystem.

The report highlights the growing use of cryptocurrencies by payment companies and their efforts to transform the exchange space.

Visa sees cryptocurrency more as a payment option and as a Layer 2 solution that can work on blockchain networks, just as the company has done on fiat-based networks. Terry Angelos, Vice President of Visa and Global Co-CEO of Fintech, said Visa's involvement in cryptocurrency wallets is expected to see further growth in the commodity over the next two years.

Raj Dhamodharan, Executive Vice President of MasterCard Blockchain and Digital Products, said MasterCard enjoys the benefits of crossing the cryptocurrency border on and off of cryptocurrency exchanges and wallets, and seeing cryptocurrency take the time to develop new products. The company also plans to add cryptocurrency as a lucrative payment platform for the multitrack network, thus becoming an entry point into the NFT market.

Meanwhile, PayPal is investing in education-related activities, hoping to reach a wider audience. Edwin Aoki, market analyst and CTO at Blockchain Cryptography and Digital Currency, said the company is committed to opening up the platform to enable integration with DeFi networks and allow users to securely transfer crypto -coins from digital wallets, he says, it works.

Additionally, PayPal now regularly monitors Tier 1 and Tier 2 networks that make additional payments, including Ethereum, Polkadot, Solana, and Algorand. Paypal is working on making these networks work and their benefits can be turned into their plans for more payments.