PayPal’s bet was initially uncovered by developer Steve Moser, who discovered the logo for the new currency, as posted on Twitter. With all this, the ‘stablecoin’ would bear the name of PayPal Coin and its value would maintain parity with that of the US dollar, although it is very likely that, if it finally goes on the market, both the name, the logo and even the focus will change compared to the one filtered so far .
In recent months, PayPal has been involved in a major cryptocurrency-related effort, launching new features to buy and hold digital currencies, as well as the ability to pay for purchases with money.
The company founded by Elon Musk is a digital payments giant, but due to its global growth it could also be considered a digital bank or a financial data and services company. PayPal should have no problem supporting cryptocurrencies as it currently works with more than 100 currencies.
PayPal isn’t the first tech giant to explore launching its own currency. Meta Platforms Inc., formerly Facebook, has been helping develop a stablecoin called Diem, while Visa Inc. in recent months allowed a stablecoin backed by the US dollar to settle a transaction with the network.
Source From: Ambito
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