Last month, it emerged that payment giant PayPal is considering supporting encryption assets on its platform. PayPal is the world’s leading online payment provider with more than 325 million users in 200 countries. It allows users to buy goods and services online from Amazon, eBay and other retailers, and transfer money between paypal accounts or globally supported bank accounts.
PayPal is now hireing experts in the field of encryption and blockchain after crypto-media body Cointelegraph said payPal’s interest in encryption could drive Bitcoin into a mainstream payment method.
The report said that while PayPal did not comment on last week’s rumors, experts were generally not surprised by the news.
And according to a recent Coindesk report, PayPal and Venmo, two of the world’s largest payment services and apps, are about to launch cryptocurrency wallets to allow users to store and send encryption. In addition, there is a legal payment platform that allows users to buy and sell bitcoins and other encrypted assets.
This is probably the biggest cryptocurrency story since Facebook launched its Libra project last year, PayPal and its recently acquired subsidiary Venmo could soon launch the opportunity to buy, sell and store cryptocurrencies from any payment provider, sources familiar with the matter said.
According to the article, PayPal’s encryption layout began as early as 2013. At the time, David Marcus, the company’s President and now head of Facebook’s digital wallet Novi, had mentioned that Bitcoin might be used by PayPal.
PayPal teamed up in September 2014 with BitPay, Coinbase and GoCoin, the three most important payment processors in the field of encryption. But PayPal does not integrate Bitcoin into its digital wallet, nor does it offer a way to get cryptocurrencies directly through its website.
In April 2019, PayPal first backed a blockchain startup that aims to use blockchain technology to give users better control over their digital identities.
PayPal was one of the first big players in cryptocurrency payments. PayPal was one of the first backers of Facebook’s stable coin Libra project, but then pulled out for regulatory reasons.
Industry experts generally agree that PayPal’s move into encryption is not a surprise. “I don’t think it’s incompatible with what they’ve done, their customers have cryptocurrencies and they want to serve their customers better,” said Alex Mashinsky, chief executive and founder of Celsius Network, a cryptocurrency credit platform. “
Increasingly, cryptocurrencies are seen as a way to increase the number of users on fintech applications and create new revenue streams.
Adding PayPal and Venmo to these current industry solutions will immediately expose a large number of existing users based on each platform to cryptocurrencies such as Bitcoin. These platforms can also provide tools to encourage more users to use future payment technologies.
PayPal will have built-in wallet capabilities so customers can store, trade and trade in encrypted assets, the source added. It is assumed that the company will start with Bitcoin storage and then expand rapidly to include other large currencies.
Companies around the world are constantly turning to cryptocurrencies as an alternative source of payment and as a means of increasing revenue. Millions of people around the world hold and carry out encrypted transactions every day, and well-known companies that offer the services will be obliged to receive immediate attention.
The real significance of PayPal’s move is:
1,New breakthroughs in cross-border trade
2,native support for global users of the new encrypted payment