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PayPal Move Closer to Cryptocurrency Services

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PayPal, one of the leading online payment company has confirmed that it has taken a “unilateral and tangible steps to develop its capabilities in the cryptocurrency area.”

The company initially signed a non-binding letter in 2019, with the intension to participate in Libra Association but left the project in the same year. In March 2020, letter to the European Commission (EC), the company did not elaborate on the steps taken, since the creation of Facebook’s Libra.

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The letter was focused on the building an EU framework for cryptoassets market inline with the EC’s public consultation.

The company’s representative also said that “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space and a particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services,” they said.

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Subsequently, the online payment company included that it “would be supportive” of an agreement on the authorization and licensing requirements throughout EU market. The company also said “the regulatory framework to allow the introduction of creative product and services to the market without undue regulatory burden while simultaneously providing regulatory clarity, guidance, and safeguards.” 

The block, first reported that PayPal claim to have more than 300 million active users around the world and provides services to customers and businesses in 31 European countries, representing around 95 million customers.

There were rumours circulating in the crypto world of PayPal planning to buy and sell cryptocurrencies directly from their PayPal mobile payment app Venmo by many anonymous sources in June.

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