PayPal Letter Seems to Confirm Crypto Capability Rumors
Global payments giant PayPal could indeed be developing a crypto-based solution, this document shows.
PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission.
Originally submitted on March 20, the document was intended as a response to the European Commissionâ€™s public consultation on building an EU framework for markets in crypto-assets, whose feedback period lasted from December 2019 through March 2020.Â
In the letter, the payments giant admitted to â€œcontinuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,â€� stressing that it favors a â€œharmonizedâ€� regulatory approach that wouldnâ€™t compromise innovation.Â
Further, PayPal addressed its relationship with crypto assets, noting that in 2019, it joined the Libra Association to learn â€œmore about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe,â€� but later dropped because it started to work on its own solutions in the space:
â€œSince the projectâ€™s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore â€“ without questioning the value of the project â€“ took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial serviceâ€�.
Earlier in June, it was reported that PayPal is considering introducing direct sales of crypto assets and offering users to store their crypto using the companyâ€™s in-house digital wallet.
When asked to confirm or deny that information, a representative for the payments juggernaut told Cointelegraph that â€œPayPal does not comment on rumors or speculation.â€�
Around the same time, PayPal announced two crypto-related openings, as it was looking for blockchain and crypto engineers.
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