PayPal announced blockchain and all types of cryptocurrency integrations to its system

In particular, the company intends to work with central bank digital currencies

24.05.2022 - 10:15

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2 min

What’s new? PayPal has announced plans to integrate all possible crypto and blockchain services into its platform. This announcement was made by PayPal Vice President Richard Nash as part of his speech at the World Economic Forum in Davos on May 23.

News on the Cointelegraph website

What else did the vice president say? According to Nash’s statements, PayPal is making every effort to support a range of digital services, including the integration of cryptocurrencies and central bank digital currencies (CBDC). The top executive also hinted that he himself owns cryptocurrencies as he enjoys using the services PayPal provides.

What is known about PayPal? It is the largest electronic payment system founded in 1998 in the United States. Since October 2002, it has been a division of eBay. The total number of PayPal users exceeds 337 million (according to BusinessofApps). The company’s shares are traded on the Nasdaq exchange under the ticker PYPL at $81,18 (as of May 24, according to Investing.com)

What events happened before? In January, PayPal announced plans to launch its own stablecoin as part of a strategy to take advantage of cryptocurrency adoption.

In February, PayPal announced the creation of an advisory council on cryptocurrencies and blockchain. The division is engaged in the implementation of innovative technologies from the field of digital assets.

In March, Paypal CEO Dan Schulman shared his views on the future of cryptocurrencies and blockchain technology in the financial system. He stated that the real potential of digital currencies lay in payments, not trading them. Schulman also called cryptocurrency and blockchain futuristic technologies.

In April, PayPal announced plans to expand the functionality of its crypto wallet. The app should play a key role in the company’s development.

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