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poodle63
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October 27, 2020, 03:14:10 PM |
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Basically trying to make fortune out of crypto which they despise in the past (well not exactly despising but they are so strict against crypto transaction made within their platform). I could guess that they gonna create another stablecoin which they have fully control to and profit off the fee for transaction. not that it's a bad thing. atleast it gives crypto more fame.
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Arkann
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October 27, 2020, 03:22:48 PM |
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The hardest part is still the regulation in US, which make Libra of Facebook can not issue their own cryptocurrency, so I will wait and see how Paypal will handle it. If it succeeds then chances are it will be key to the market's bull run next year.
Yes, let not forget what actually happened to Libra project: though they are still developing but deviated from their initial road map. The regulation will definitely affect the PayPal company if they eventually venture into creation of their own cryptocurrency, though this might take another tune becasue of them be a huge platform compared to Facebook. It would be nice for PayPal to release its own cryptocurrency, which would play the role of its own digital shares, and then PayPal's spectrum of support would be significantly expanded even to the cryptocurrency market. After all, the Pay Pal digital share would become one of the most valuable assets in the cryptocurrency market. In addition, PayPal one way or another provides a large number of services for users to transfer funds, and they only need to be allowed to make transactions using the highest rated cryptocurrencies, without the need to create their own coin to make money transfers. |
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Saisher
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October 27, 2020, 03:46:04 PM |
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They should since they are capable, they have assets to back up their claims and their token, they have millions of merchants, they can push the Cryptocurrency to a greater heights, the only issue is they might encounter problem with the regulatory commission just like what happen to Libra, they should weigh their option, they are a big company coming in the Cryptocurrency. |
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cabron
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October 27, 2020, 03:59:00 PM |
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Will it also be listed on the exchanges like binance? I have the feeling that it won't but will just be for their own platform because PayPal was also planning to buy an existing exchange. I have also read this information from Twitter. Paypal's token will likely have a use case on their platform only. They should since they are capable, they have assets to back up their claims and their token, they have millions of merchants, they can push the Cryptocurrency to a greater heights, the only issue is they might encounter problem with the regulatory commission just like what happen to Libra, they should weigh their option, they are a big company coming in the Cryptocurrency. The regulators actually realize that there is a need for companies to create coins when cryptocurrency or blockchain will be adopted in every possible way. The regulators now are seeing that what Facebook did is where the future will be. |
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bigcash2011
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October 27, 2020, 04:06:55 PM |
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I am not sure why a paypal coin is need or what will be the purpose of such a coin other than paypal extracting big funds by selling their own coin. This may be the plan, I hope it will suite the paypal's payment ecosystem and also bring profits to investors. |
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aysg76
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October 27, 2020, 04:15:10 PM |
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They might be willing to issue their own crypto coins on their blockchain network and its main usage will be that 340 million active user of this giant payment processor will be able send coins to each other as mode of payment which can be again converted to fiat or any other coin backed by it.But there will be no such effective use of this centralised network crypto other than making huge profits by the PayPal only.They see crypto as fast growing market with high returns in short time and blockchain being the future technology of making payments so they are just upgrading themselves with market trend so as to keep the interest of the customers and achieving their own goal. |
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Sebas.tian
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October 27, 2020, 04:24:54 PM |
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Mate i equally see this publish and have a second thought, about them having their own cryptocurrency becasue of this move they have done in this industry, PayPal has been into investment space and has gathered momentum from big fan of it. For them adopting the cryptocurrency and in particular Bitcoin shows that they will eventually come up with something like, they will create their own coin someday to come. |
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Wapfika
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October 27, 2020, 04:29:06 PM |
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Basically trying to make fortune out of crypto which they despise in the past (well not exactly despising but they are so strict against crypto transaction made within their platform). I could guess that they gonna create another stablecoin which they have fully control to and profit off the fee for transaction. not that it's a bad thing. atleast it gives crypto more fame.
There's a need for improvement for them and maybe they see how crypto can response on that, and can help them, maybe now they give additional fame for crypto but soon they will use it for their advantage to create their own coin. It's indeed a good plan if their coin will be really useful for their customers and not just what other projects coin that are only used in trading mostly. |
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krisnajsadrak
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Hodlers Network
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October 27, 2020, 04:30:14 PM |
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another great news from paypal to bring this crypto space to the higher level, this news bring a good impact to bitcoin price i hope altcoins will follow the movements on bitcoin as soon as possible |
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(o)(o)ilikeboobs(o)(o)
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October 27, 2020, 04:53:54 PM |
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Libra tried to create its own currency, and they failed because it was against US regulations on currency issuance. I think Paypal will not create their cryptocurrency because the offer of money transfers related to Bitcoin and other cryptocurrencies guarantees them a good return.
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NMBT
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October 27, 2020, 04:54:30 PM |
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Any news of big actors adopting Cryptos is a great news for all of us!
Paypal is only the first ones, in the future there will come much more actors to the movie!
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Mulann2
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October 27, 2020, 08:25:57 PM |
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From being against crypto to accepting crypto and to having their own cryptocurrency, i would say PayPal has really become bullish with the cryptocurrency ecosystem, the fact that they have come out openly to confirm their interest to integrate btc in their payment system is a big step and has really put crypto in the limelight, i think just because of this act, many big companies will start looking towards crypto direction.
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forexandcryptoauditor
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October 27, 2020, 09:23:30 PM |
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Yes. There are high chances, PayPal is entering this crypto market with its own currency. As it has already announced the buying and selling of cryptocurrencies from its platform, I think it is necessary to have its own coin to process these transactions and to accumulate more fees.
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articlecity
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October 27, 2020, 09:36:39 PM |
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If the source of this news is an executive from a coin development company then definitely it would be true because paypal must have contacted them for the creation of their coin. I will support all these steps by paypal to stay with the current trend which is crypto and im hopeful this will bring loads of new money and interest into the crypto market. |
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suzanne5223
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October 27, 2020, 09:59:55 PM |
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Paypal creating their own digital currency is expected since they claimed to have been examining the potential of digital currencies sometime now through the act of partnerships with some licensed and regulated cryptocurrency settings and with some central banks around the world.
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bitgolden
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October 28, 2020, 05:15:32 AM |
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Paypal wouldn't really have a big advantage over having their own coins, it would create some capital obviously but that wouldn't really be something used all that much, and it would be too much pain to control it forever due to regulation and law reasons.
You can't just be a regular huge billions of dollars worth of company and create your own token and get money from other people for it and be done with it, the legal side of things would not be a huge thing only (it will be) but it would be constant as well hence why it is problematic. Do you think they could make something like that for more money right now when they could do none of that and still make a lot of money in the long run even more? I would say small and safe for longer in order to gain more is a better method.
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Anarchy101 (OP)
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October 28, 2020, 06:58:38 AM |
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The hardest part is still the regulation in US, which make Libra of Facebook can not issue their own cryptocurrency, so I will wait and see how Paypal will handle it. If it succeeds then chances are it will be key to the market's bull run next year.
The regulation part of facebook's Libra almost killed all the momentum it had gathered. PayPal is an American company too so unless they move to a more crypto-friendly land, I think the same thing will happen to Paypal (If they decide to create their digital assets). |
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adzino
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October 28, 2020, 07:16:55 AM |
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The article says that they are going to make a digital currency similar to digital dollar. I doubt it is going to be anything like crypto currencies. Probably some blockchain based (completely centralized) currency, but not a crypto currency. Even if they do make a crypto currency, highly likely it is going to be something like a stable coin whose value is pegged to the value of fiat US or any other currency they deem fit. Though this sucks that you can't transfer (or probably receive) bitcoins to your wallet, but at least you can make purchases using your bitcoin from any merchant that accepts bitcoin. |
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Squezzi55
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October 28, 2020, 07:33:45 AM |
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Thanks for sharing but the news about paypal building their own coin is still under maybe, probably a year later so I'm fine with it, my interest is on paypal implementing bitcoin and other altcoins, I don't care if they have their own coin, moreover it sounds like a stable coin, we shall see what happens |
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JeotQ
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October 28, 2020, 08:15:18 AM |
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This is not officially announced so I'm guessing this is just a random thought from the writer, to me PayPal don't need a private coin or token since they are payment solution, having support for many crypto coins probably top 5 coins is more than enough, look at coinbase, why can't coinbase have its own stablecoin? It makes no difference
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