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PayPal could soon be issuing its own cryptocurrency, says CoinShares executive

October 22, 2020

Global digital payments giant PayPal, after officially entering the cryptocurrency industry, could issue its own cryptocurrency after officially entering the cryptocurrency industry, according to an industry leader.

Meltem Demirors, CSO at digital asset management firm CoinShares, says you won’t be surprised if PayPal is issuing its own token after the company released news of its upcoming support for cryptocurrencies.

In one interview On October 21, Demirors with CNBC’s Fast Money claimed that the PayPal-backed cryptocurrencies could eventually become a foundation for the launch of its own cryptocurrencies.

“I wouldn’t be surprised if PayPal launched its own digital currency in the next six to 12 months, similar to a digital dollar that we see in many payment companies.”

PayPal could soon be issuing its own cryptocurrency, says CoinShares executive
PayPal could soon be issuing its own cryptocurrency, says CoinShares executive

Demirors said PayPal might be interested in launching its own token since the company has officially left the Libra Association. the governing body of Facebook’s Libra digital currency project. As a member of the association, PayPal gave up the initiative a few months later when the project started in June 2019 and claimed that it did not want the official control of the scale “to intrude into their business”.

Dan Schulman, CEO of PayPal, later said that regulation and compliance are vital for PayPal as a trustworthy company around the world. He also claimed that PayPal is developing a product that “doesn’t necessarily compete with the scales”.

October 21st PayPal officially announced that it will introduce the ability to “purchase a range of cryptos, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), directly with PayPal’s digital wallet.” to hold and sell “. . With the new function, PayPal customers will be able to use their cryptocurrency to shop at any of the 26 million PayPal merchants worldwide from the beginning of 2021.