PayPal Could Issue Its Own Cryptocurrency Soon: Coinshares Exec

PayPal could issue its own cryptocurrency soon according to the CoinShares Executive, as it officially entered the crypto industry so let’s read more in our crypto news today.

The CSO of Coinshares believes that PayPal could issue their own cryptocurrency soon because the company already endorsed in crypto by providing support for Bitcoin. Meltem Demirors said that she will not be surprised if that happens as the company announced its soon-to-come support for crypto. In an interview with CNBC’s “Fast Money” Demirors claimed that PayPal’s supporting of crypto could become a basis for launching its own token:

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

Demirors said that PayPal could be interested in launching its own token as the company left the Libra Association which as the governing body of Facebook’s Libra digital crypto project. A member of the association of the project’s launch in June 2019, PayPal left the initiative a few months later because they didn’t want the regulatory scrutiny over libra to get in their business ways.

PayPal CEO Dan Schulman said that regulation and compliance are the main basis for PayPal as a company trusted across the world. He also said that PayPal is developing a new product that is “not necessarily competitive with Libra.” PayPal officially announced that the company will introduce the ability to purchase, hold, and sell a number of cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, and Ether with the PayPal wallet. With the new feature, PayPal customers will be able to use the cryptocurrencies they hold to shop at any of the merchants across the world that use PayPal, starting in early 2021.

However, as we recently reported, analysts believe that the latest bitcoin surge was not related to PayPal’s foray in crypto. Bitcoin logged a supersonic bull run at $13,000 for the first time in more than a year. The rally started after PayPal announced its foray into crypto which led analysts to believe that the $138 billion global payments company drove the latest BTC Adoption. At least one of them disagreed as in the tweet posted a day ago by the analyst who claimed that BTC went upwards because of the abundant supply of Tether’s stablecoin USDT.