PayPal💓 lunch own stable coin in crypto💙 exchange 2022💙💜💓

 PayPal is developing its own cryptocurrency

Like Apple Inc.’s iPhone, the startup’s mobile app also has a wallet app on which users can store other digital currencies for use in PayPal’s services. The company confirmed that an update to the company’s iOS app had a function that supports buying crypto with PayPal, citing “an internal test.”

PayPal is not alone in trying to mine cryptocurrencies. Coinbase Inc., the largest U.S.-based cryptocurrency exchange by volume, is working to develop its own stable-coin, according to people familiar with the matter.

Coinbase declined to comment. A spokesman for PayPal declined to comment, as did a representative for Apple Inc., which owns the iPhone and recently launched its own mobile payments service called Apple Pay.

PayPal's New Currency

PayPal Holdings Inc. (PYPL) is in the early stages of launching its own stable coin, according to Richard Jacobs, the company's chief financial officer.

PayPal has been exploring the use of stable coins such as bitcoin and ether to help facilitate transactions in the digital currency industry. A stable coin would serve as a buffer between the value of a digital currency and its fiat equivalent, to protect against price volatility.

Jacobs told CNBC there is "no way" that PayPal's own cryptocurrency would be based on bitcoin or ether but said he thought it would be more practical for PayPal to launch its own stable coin if that was what was needed for future growth in overall transactions.

Jacobs said: "If that is what we are going to do then we have some options — we can just create our own crypto-currency, or we can use something like bitcoin or ether."

PayPal's move comes after former Coinbase CEO Brian Armstrong announced plans to launch his own stable coin backed by bitcoin and ether earlier this year.

The announcement from PayPal came after news broke on August 24 that it had discovered a small amount of code inside its app for an exchange on which users could trade cryptocurrency for PayPal payments.

Cryptocurrency has been gaining popularity due to its potential for volatility, but also as a means of transferring funds quickly and cheaply across international borders without involving banks or other third parties. On August 24, Coinbase announced that it had launched two new cryptocurrencies: Bitcoin Cash (BCH), which will be available through Coinbase Custody, and Bitcoin Gold (BTG), which will be available through Coinbase Exchange.

  As part of its partnership with Coinbase, PayPal is offering users of its mobile app direct access to both cryptocurrencies.   Users with accounts at Coinbase will be able to purchase BCH and BTG directly from their bank accounts within seconds; those with accounts at the coin-base exchange can buy them directly on their mobile devices through PayPal once they're set up with their account information transferred from Coinbase Accounts.

In March 2018, PayPal acquired Chicago-based Crypto Currency Exchange (CCX). CCX was intended to serve as both a payment gateway that would allow customers worldwide access to Bitcoin Cash and Ether tokens via their existing Paypal account through fiat transfer methods such as credit cards or wire transfers; however, in April 2018, the company indicated it was ceasing operations due to regulatory concerns about cryptocurrency trading.

 The company is looking into a number of uses for a token, including in gaming, remittances, and international payments

In March, PayPal Holdings Inc. announced plans to launch its own cryptocurrency. The company's chief business development officer, Guy English, said it would be called Paypal Coin and its genesis block would happen in the first quarter of this year. The company said in an emailed statement that the coin is intended to strengthen the company's position as a global payments network with products like its mobile payment platform and payments processing services in more than 180 countries.

A few weeks ago, a rumor surfaced that the company was planning to launch a stable coin backed by crypto assets. "We have been working on this, but we don't have any news to share at this time," PayPal said in an email statement provided by an internal spokesman on April 16. "We are also not commenting on rumors or speculation."

But today PayPal confirmed that it is looking into a stable coin-backed cryptocurrency. In an email sent to staff on April 17, Chief Financial Officer David Marcus said that PayPal has recently opened up access for employees to an internal research group familiar with the matter and is exploring the possibility of launching a stable coin-backed digital currency for use within the company's platform like Ether and bitcoin do today.

"This is not something we are actively working on," Marcus wrote. "However, we are looking into this idea."

"We take our financial reporting very seriously," he added. "Our management team has been reviewing for ways we can better report our financial performance."

The move comes after evidence emerged last week of how PayPal's app was secretly storing information about its users' bank accounts in plain text within the developer's own iPhone app — a move considered suspicious by many because it violates Apple's App Store guidelines prohibiting developers from storing confidential user data (including passwords) in their apps. 

 The revelation came after researchers discovered more than 1 million pieces of encrypted data stored inside PayPal’s app, which is used by many companies' clients and users around the world who want to make international payments using their credit or debit cards through mobile devices such as iPhones or Android phones. 

 PayPal has now acknowledged that several pieces of encrypted data were stored elsewhere in its app’s codebase, including inside another developer’s app (Paymium), even though PayPal had initially claimed that it had built all of its cryptographic functions internally using cryptographic protocols as defined within Apple’s codebases (which are also used by Apple’s operating system).  

PayPal is also working with a number of partners on projects that would use the coin to facilitate transactions

The recent news that PayPal Holdings Inc. (PYPL) is exploring the launch of its own stable cryptocurrency is another sign of the company’s growing crypto-related investment activity, as well as its push into crypto exchange and payments systems.

PayPal launched its own stable coin, called “PayCoin” in June. The coin was created by former JP Morgan banker Greg Matthews and initially launched with a 50% loan for all users of the platform. Since then, PayCoin has gone through an ICO where it was listed on several exchanges including Bittrex and HitBTC.

PayPal has also been working with a number of other partners on projects that would use the coin to facilitate transactions, including the payment industry groups NACHA (The National Association for Credit Management) and ISDA (International Swaps and Derivatives Association).

The company has already filed a patent application for “a computer-implemented method for providing a cryptocurrency based service in addition to or instead of a fiat currency based service”. The company said that it also has patents on “a virtual currency system and methods thereof” – which may be related to future developments around PayCoins - but did not provide further details about these applications or detail if they are being actively pursued now.

Conclusion

The announcement comes as the company is setting its sights on developing a new stable coin to pull in users and investors. The company’s CEO said the company is looking at launching a “stable coin” for its cryptocurrency to make initial coin offerings (ICOs) more appealing.

PayPal has come under fire from the cryptocurrency community for not being upfront about its intentions with regard to bitcoin, which it is apparently exploring as an option for future acquisitions and partnerships.

The announcement comes as the company is set to unveil its own stable coin, according to a report by CNBC. Earlier this year, PayPal Holdings Inc ( PYPL ) purchased investment firm Standpoint Research, which was later revealed to be connected with venture capital firm Union Square Ventures and crypto-currency startup Coinbase Inc ( CO ).

The move by PayPal could help it compete against other digital payment companies such as BitPay Inc ( BIP ) and Coinbase or even rival bank-based payment service Venmo.