PayPal Working on Development of Crypto Capabilities

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Paypal and Venmo May Enter Crypto Space_ Rumors of New Crypto Wallet
  • Paypal has stated in an earlier filing with the EU Commission about the blockchain-based payments system for its strong 300 million user base.
  • A source working closely with the partnership has revealed that several exchanges tapped to offer liquidity. 

Online payments company Paypal has stated in an earlier filing with the EU Commission that it is exploring the digital assets space and developing crypto capabilities for its strong 300 million user base. American giant plans to roll out the cryptocurrency project within the coming few months, where users will be able to buy and sell digital currencies directly. A source working closely with the partnership has revealed that several exchanges tapped to offer liquidity. 

Paypal – Libra Association and the Eventual Fallout

Paypal Holdings was amongst the first companies to support Facebook’s cryptocurrency adventure, Libra. Furthermore, it was also the first to leave a coalition of companies that had extended the support to the social media mammoth—initially, the reason not disclosed as to the exit. However, developments that followed the departure were enough for users to understand that a new platform is under the works that would support digital assets. 

Investments and recruitments with crypto expertise

Recently, the payments company invested in a cryptocurrency compliance platform that manages risk, TRM Labs. It is quite evident that the company wants to enter the digital space. Several patents have also filled with increasing the processing time of transactions with a super-fast payment system. Moreover, recruitments carried out for those who have expertise in cryptocurrency. 

Paypal Fillings with the EU Commission 

The European Commission had requested feedback on the possibility of creating an EU framework for digital assets. The organization replied that it is overseeing the developments of the digital payments space and has taken steps to develop it further. It supports the framework as it will help users on the platform to invest and trade in digital currencies with a sense of security and privacy.

Soon, financial services will be free from theft, and money laundering activities as the latest platform under development will foster innovation for a safer experience. The company has also requested the regulatory body to bring cryptocurrency under the ambit of money laundering laws and prevent misuse of the same.  

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