PayPal is one of the world's largest and most important payment service providers and has always been open to new methods and payments. Currently, people are working hard behind the scenes to include all possible cryptocurrencies and blockchain systems. That's how it's explained by a number of prominent PayPal employees and developers.
PayPal's Vice President Richard Nash confirmed this in an interview with Cointelegraph today during his visit to the World Economic Forum. Nash explained that PayPal is working hard to support all major digital services, including digital currencies such as cryptocurrencies and central bank digital currencies (CBDC).
PayPal and the crypto and blockchain technology
When the company Confinity was founded in 1998, which developed the digital payment system that is now known as PayPal, the business goal of building a digital payment system using cryptography was described. The "DNA" of cryptography has never been neglected at PayPal.
Leaving the old ways of payment systems and working on new, digital ways is PayPal's business principle. The principles of cryptography are an inseparable part of this. And the ideas and possibilities of blockchain technology are also of great interest to PayPal.
As early as 2020, the company built its own service so that it was possible to buy Bitcoin with PayPal and hold and sell BTC. This service was initially only offered to US customers.
Read also: PayPal Cryptocurrency Services Now Available to UK Residents
Based on this service, PayPal will work on further services to integrate cryptocurrencies and blockchain technologies, Nash said in his interview.
"Just slowly walking around the crypto shield with buys or holds in certain jurisdictions. […] We want to work with others to leverage whatever we can, be it the coins we have in PayPal digital wallets today, private digital currencies, or CBDCs in the future."
Richard Nash confirmed that he personally owns cryptocurrencies and that this fits in well with PayPal's activities. Nash is very interested in crypto and blockchain technology as a whole and believes the industry has a lot of potentials.
"I work on a lot of things at PayPal and I like to experience services myself so I guess that's normal."
Next PayPal crypto goals
After the Bitcoin settlement system of 2020 and the introduction of buy and sell options of Bitcoin in different countries in the same year, another offering was announced for 2021.
This is a crypto checkout service that allows merchants to accept and process crypto payments via PayPal.
The next big step PayPal is planning is to build its own stablecoin called PayPal Coin.
With PayPal rising to the forefront of cryptocurrency payment systems, PayPal will continue to expand its position as one of the world's largest payment systems.
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