Several mainstream companies have been looking at the prospects of cryptocurrencies and have been venturing into the industry. While the social media giant, Facebook’s Libra project has been a great example of the same, several other platforms have been making use of the existing currencies. PayPal is reportedly the latest company to delve into the acceptance of crypto.
PayPal Steers Towards Crypto
Appearing on CNBC’s Squawk Box, Sandi Bragar, the Managing Director at Aspiriant hinted that online payments company, PayPal was working on incorporating crypto into their platform. The COVID-19 pandemic has put the entire globe in shackles, however, the virus hasn’t restrained individuals from engaging in activities pertaining to e-commerce. Bragar pointed out that this cycle would prolong even after the pandemic and PayPal has been evidently been at the forefront of e-commerce and digital payments.
Revealing details regarding PayPal and its interest in crypto, Bragar further added,
“We also like that PayPal is working with merchants to bring crypto into the fold, and we think that’s gonna be really important as cryptocurrencies become more mainstream in the years ahead.”
While Bragar did not provide any further details about PayPal working with its merchants to incorporate crypto, the payments platform isn’t a new name to the crypto-verse. PayPal made news back in June, as rumors pertaining to the platform launching a crypto-centric trading service surfaced the internet. However, a recent letter that the company presented before the European Commission highlighted that PayPal intends to carry forward its presence in the crypto-verse by aiding regulations. The letter further read,
“Of particular interest for us is how these technologies and crypto-assets can be utilized to
achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.”
PayPal has already established its support for the crypto-verse as it provides payment services to cryptocurrency exchanges like Local Bitcoins, Coinbase as well as Paxful.
Additionally, PayPal’s latest move could prove beneficial to the crypto industry as the company hoards a user base of 325 million.