PayPal, the well-known American company offering payment services, is currently working on creating its own cryptocurrency. So far, nothing is known about the details of this project.
Jose Fernandez da Ponte, senior vice president of cryptocurrencies and digital currencies at PayPal, told the media that the company is considering the possibility of creating its own stablecoin, which will most likely be pegged to the US dollar. It is not yet known whether the intention to launch a new cryptocurrency will come to fruition.
If so, the stablecoin will meet all regulatory standards. De Ponte stressed that work on PayPal’s original cryptocurrency will proceed in consultation with the relevant regulators.
What benefits will PayPal’s own cryptocurrency provide?
PayPal already offers the ability to make payments using some cryptocurrencies. In addition, it also allows you to sell bitcoin, ether, litecoin and bitcoin cash.
The introduction of its own cryptocurrency will bring substantial benefits to the company and its customers. For example, it will relieve the regulatory pressure associated with the use of less stable digital assets such as bitcoin or Ether. Customers, on the other hand, will gain certainty about the equivalence of the amount transferred and received, without having to check exchange rates, etc.
Hidden code in the PayPal app
Steve Moser, a programmer who writes articles for the MacRumors website, discovered hidden code and graphics bearing the signature “PayPal Coin” in PayPal’s app. The publicly released materials indicate that the cryptocurrency of one of the largest payment companies on the market will be based on the US dollar.
Its logo differs from the company’s official logo only by two cuts along the letters PP. Though, of course, it could still be subject to change. After all, work on the PayPal Coin has only just begun.
In response to Moser’s high-profile discovery, a company spokesperson explained that the hidden code was a leftover from an internal hackathon in PayPal’s cryptocurrency division. Moser also revealed that the code in question contained references to NEO cryptocurrency compatibility.