International virtual payment giant PayPal could be getting into issuing its own cryptocurrency after officially entering the cryptocurrency ecosystem, consistent with the renowned industry exec.
The CSO at digital asset management firm CoinShares, Meltem Demirors, added that she will not be surprised if PayPal issues its own token after the firm broke the news of its soon-to-come support for crypto assets.
Within an earlier interview on 21st Oct. with CNBC’s Fast Money, Demirors claimed that PayPal’s supporting cryptocurrencies could eventually become a basis for launching its own, stating:
“I wouldn’t be surprised if, within the next six to 12 months, we see PayPal launching its own digital currency almost like a digital dollar that we see in many payments companies.”
Demirors added that PayPal could be curious about launching its own token as the firm officially left the Libra Association, the admin of Facebook’s Libra virtual currency project. A member of the association at the project’s launch earlier in June last year, PayPal left the initiative several months after, claiming that it doesn’t want the regulatory scrutiny over Libra to “bleed into their business.”
PayPal CEO Dan Schulman subsequently added that that regulation and compliance are foundational for PayPal as a firm trusted globally. He also added that PayPal is developing a product that’s “not necessarily competitive with Libra.”
Also on 21st Oct., PayPal officially revealed that the firm will introduce the power to “buy, hold and sell” a variety of cryptos including Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] & Litecoin [LTC] directly with the PayPal digital wallet. With the new feature, PayPal users will be able to use their crypto assets to buy at any of PayPal’s 26 Mln merchants around the globe starting in early 2021.