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PayPal, one of the leading payment processors in the world, has announced the expansion of its cryptocurrency services with the inclusion of new transfer options. With the addition of new features, PayPal users can now transfer supported digital currencies into PayPal, move their coins from PayPal to external platforms (including crypto exchanges and blockchain wallets), and send or receive crypto with zero fees.
Digital payments giant PayPal is exploring the possibility of launching its own stablecoin to expand its growing suite of crypto products and services. The evidence of the company’s stablecoin endeavor was first spotted in the code of PayPal’s mobile app by software engineer Steve Moser, who shared his findings with Bloomberg on Friday.
Bitcoin reached new heights this year – not only did the world’s largest crypto conquer a new peak value, but it also managed to overtake payment processing giant PayPal in terms of dollar value transferred on its network.
The payment processing giant is looking to provide interoperability for CBDCs ,and for all kinds of digital tokens and stablecoins that exist on different blockchains.
According to two sources familiar with the topic, PayPal has partnered with New York-based Paxos to launch its cryptocurrency buying and selling feature. This newly established corporate relationship could be officially revealed to the public as soon as this week.