Is PayPal working on its own cryptocurrency?

According to reports, PayPal is currently working on its own cryptocurrency: the PayPal Coin. A developer has apparently discovered within the app of the payment service provider indications of a corresponding digital currency, which is supposed to be covered by the US dollar.

According to a report by the Bloomberg news agency, PayPal is currently developing its own cryptocurrency. The software developer Steve Moser has discovered corresponding hints within the PayPal app.

The name of the digital currency should therefore be PayPal coin. This is evident from a screenshot that Moser published via Twitter. The tweet shows a logo consisting of the letter “P” and an inverted “C”.

Much more crucial, however, is the URL to the supposed crypto logo. Because the corresponding code contains the term “PayPalCoin”.

 

PayPal confirms evidence of a PayPal Coin

PayPal has meanwhile confirmed the evidence of a PayPal coin. Jose Fernandez da Ponte, head of digital currencies at PayPal, told Bloomberg that the company is working on a stablecoin.

These are cryptocurrencies that are actively pegged to existing currencies – in this case, apparently to the US dollar. According to Bloomberg, this is also evident from the indications.

Compared to classic crypto currencies such as Bitcoin and Co., stablecoins promise more security in terms of price fluctuations. The stablecoin Tether, for example, deposits one US dollar for each of its coins as a hedge in a regular bank account.

Are the clues from a hackathon?

A company spokeswoman told Bloomberg that the clues within the PayPal app come from a so-called hackathon. This is a kind of event or competition in which software developers implement new products or projects.

This would mean that the clues are neither official nor that the PayPal coin is already set in stone. However, there are many indications of this. Because PayPal has focused more and more on crypto currencies in recent months and brought new functions to the start.

In October 2020, for example, the company announced that users in the US have since been able to trade and store cryptocurrencies via the platform. Since last year, it has also been possible to pay with crypto currencies via PayPal at some merchants.

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Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.