In a letter to the European Commission, PayPal said it is “monitoring the evolution of the crypto-asset space” and has taken “unilateral and tangible steps to further develop its capabilities in this area.” Such suggests that the company is into cryptocurrency.
It was known that PayPal was one of the initial members to commit to Facebook’s Libra, but it subsequently withdrew along with several other major players.
There are several notable things that may happen if PayPal is to really dive into cryptocurrency. Honestly, we would love to see that happen. If it happens, it would mean that more of the world’s population would be exposed to cryptocurrency, or more correctly speaking the majority of the 286 million PayPal users who still not quite know what cryptocurrency is all about would begin their journey along the path soon.
Is it a good thing then?
Never mind the global economy’s slowing, but we believe that the world is on the cusp of a technological revolution. Blockchain technology developments are expected to see real-time applications over the next decade. Implementation on a government level would soon be an issue of the past as more central banks embark on their quest for their own digital currency.
So, if a payment juggernaut like PayPal offers crypto in their wallets, it would allow blockchain technology and cryptocurrency to achieve a real scale and meaning among her users.